@PonyPon  
It could be. But, I don’t think the artist hasn’t stated that this is a scene interpretation. And, there is no scene interpretation tag. So, I just assumed it may not be.

@pwingbrony  
Isn’t this the scene where Rainbow scares Fluttershy in a monster costume?

@Raritybro  
And I don’t tolerate seeing her tremble….

This picture is interesting. Because, it looks to me that whatever this creature is, may not actually be some evil monster or anything. It’s hard to know for sure, just looking at the silhouette. However, the bear doesn’t look completely angry. It looks determined, yet somewhat sad. As if, it is disappointed in the figure that it has in its sights. Along with the fact that the other animals don’t look frightened or in a defensive frenzy.
 
Maybe Fluttershy is afraid of the figure, but the figure may or may not be a threat? Maybe, the figure was once a friend, but has done something grievous? Maybe the figure has upset Fluttershy, and her animals are disappointed in it? Maybe something horrible has happened, involving the figure, and the animals are only confused yet protective?
 
Something about this picture just strikes me as not all that it seems.

You don’t mess with Fluttershy.