Theoretically you are correct, if you consider the high volatility of bitcoin it can drop that low, but in reality you not. This is overthinking or over analyzing things, though bitcoin has a high volatility, a lot of investors had already minimized their risks and people will not let their investments to go that low, probably you might have just thought that because of the volatility it can go down that much, but you failed to consider reality vs theory, and the reality is,  bitcoin will just have corrections but will not crash.