Sure you can.   

Let me just copy paste from another thread
https://bitcointalk.org/index.php?topic=173699.msg1814860#msg1814860


While the "endowment effect" is certainly real, it is not a law.  You might not want to sell below costs, but others will, and the price can go down.   Especially in markets where you have many producers (and bitcoin mining is a perfect example of that), and their costs are different.   What might be your cost of production, might be twice expensive as others can produce them, and they will certainly sell bellow your costs.

It might also work if you are a monopolist, and you have the power not to sell below costs.  And again, this is definitely not the case in the bitcoin mining market.

So, yes, bitcoin can go to $0.50, no problem.