No, it just means someone dumped a bunch of coins. A drop like that means it is time to buy. For a drop to be a bad thing, something has to have happened that will actually reverse the trend. Like the price drops by $1-$2 and Dan and Ned disappear. Or Bittrex takes it off the exchange, or something like that. A drop in price is not a bad thing, it is actually a good thing because now people can buy in.