As you said, it could. I don't think it will happen. Millions and millions of dollars are invested in the cryptocurrencies world now, and the 'inexistent' value that bitcoin had now has materialized into these. Investors will never let bitcoin die.
Wise investors may not let BTC die for now, but let's be honest, it's those same investors that are pushing the price down now, to buy low from weak hands.
But you NEED those new people for BTC to live. You need that larger mass (with less individual money), those will decide.
If you only count on "investors" who have trust in BTC, then the price will get back to what it was 6 months ago, before the boom (which was already an incredible value).
Keep in mind that for that mass who only wanna make money & doesn't give a shit about BTC, BTC doesn't look like the magical investment it was 4 months ago. Many ALTs have pumped 10x since then, while the BTC stagnated then dropped. What's your plan to restore confidence?