Yes - this is entirely normal and by design. As your Pencil doesn’t have an on/off switch, your Pencil is effectively “always on”.
Whenever your Pencil detects the slightest movement, it will “wake” - and connect with the iPad with which it is paired. When completely stationary and undisturbed for a short period, the Pencil will transition to its low-power sleep state - and drop its Bluetooth connection with the host iPad. When the Pencil detects any movement at all, it will again wake and restore the connection with the host iPad.