the cost to miners doesn't matter. miners have overheads that must be paid. they have much more risk than spot buyers who can wait for price to come to them. miners can definitely be squeezed into liquidating their operations and selling their coins below production cost---why not? and difficulty will drop if net hash power is dropping due to unprofitable miners shutting down. that $5800 figure can drop until it's profitable to mine again at lower market prices.

and about users refusing to sell for less then they paid for it..... what about all the coins bought in 2009-2017 when price was lower than now? lots of bitcoiners can still take profit at these levels. as for the bagholders, they might end up selling much lower in a capitulation.