With the massive drop (bearish) in bitcoin in the past few days (January 2018)
Is it possible for the Bitcoin community to witness another bearish that can make bitcoin drop to $5,000 and below.
Easily possible. Every serious crash that bitcoin has had in its history has been at least 75%. The last one, from ~$1100 down to ~$150 from 2013-2015, was around 86%. That kind of drop from $20k would put price around $2800.
Kindly comment from the point of:
The power of the government and their regulation
vs
The oneness voice and power of the people (community) to withstand any unlawful regulations and manipulations
Cryptocurrencies will not go away. Governments can do whatever they want, but they can't stop cryptos from existing. However, that doesn't mean that they can't ban or regulate them to the point where they are no longer worth owning as an investment vehicle (read: they won't go to zero, but they could be worth much less).
"Cryptocurrency will not go away" has become one of my crypto-watchwords with entry of government backed cryptocurrency that have given government and the likes to exchange their non-blockchain based token to pack a lot of bitcoin in the market.
The only concern as you said "no longer owning as an investment vehicle" Maybe 1btc will be able to get a cup of coffee and pizza again.