A fall below $ 7,950 on the bitfinex will make it clear that the markup is not valid because wave 2 cannot fall below wave 1. This will be very bad.
Yes, you are right this is very bad for the development of Bitcoin. But this will not make Bitcoin to death, Bitcoin's price just temporarily dropped and now it's getting back to the high price. So we do not have to worry too much anymore because of this. We pray for the best for the development of Bitcoin prices.