In my opinion yes, it is possible for bitcoin to loose all its value one day. But as we learned fron numerous other examples, an asset that it is appreciating, will not loose its value very easy, nor it will deprecate to nothing. For example gold it never deprecated in value altough now is a symbolic asset that a practical one.
Bitcoin is 6-7 years old, the next 5 years will tell if it will remain or loose all its value.
I don't think Bitcoin will lose value but I think there are possibly 3 ways it could happen:
1) If major governments like the US and European governments were to ban Bitcoin, then it is possible that it could fail.
2) If the fees get too high and no one wants to use Bitcoin any more, then it's possible that it will begin to lose value.
3) If Bitcoin becomes more scarce, the value should rise, but it seems possible that if everyone just hoarded Bitcoins and stopped using them for transactions, it could begin to lose value.