LOL!!! Yeah that happened to me today as well.. I'd have my bait suspended 15ft or so above bottom and thought HOLY CRAP HERE IT COMES!! Then I look over and some guy has his flasher 50ft from me, lol.
I had a fish today rocket up from 120ft to hit 20ft below the hole. As soon as I dropped it down the hole, he came flying off the bottom.. It's too bad he was about 3 lbs!