I do think there is a high risk that many speculators and long-term holders who listen to people like r0ach and are waiting for the halving pump to cash out will all still cash out when it doesn't happen, leading to a bloodbath (which may in turn destroy the hash rate).
The only reason people "cash out" of things is fear of losing money or better time opportunity costs. The fact that there is almost nothing worth cashing out to is the problem with your hypothesis. People are starting to acknoweldge the fact that having money in a bank or stock market is either similar risk or more dangerous than having it in BTC. Every day that goes by the appeal of cashing out of BTC drops.