Current Market cap is 120b $ (actually real market cap much lower than that due to lost btc and so on); that could be 1000 people with 120m$ hidden. Anyone who has approximately that amount of btc would be very able to buy the market would it temporarily drop significantly below 5000$ per btc, due to the very limited (and shrinking) actual supply of bitcoin and availability in the exchanges.
I think what we witnessed in last december will happen again and at a greater extent. Don't ask me when, but that's a given.
Bitcoin has been chosen.
Why? Possibly positioning.
Price won't give a fuck on whether it can be used everyday to buy stuff. Its purpose it for wealthy billionaires to keep part of their wealth inaccessible through offline wallets.
Whether tx take 1 hours to go and cost 10 bucks each.
Whether the nodes get a little bit more or a little bit less centralized.
All that matters is the one reason I stated above.
Everything else is just smoke for sardines.
That is definitely one reason why the price of bitcoin is probably not going to go that low or at least it is not going to remain at those levels but even if not many people are using bitcoin as a currency that is a huge factor as well because we cannot deny that having a way to pay for stuff that cannot be regulated is a very powerful thing and something that a lot of people will appreciate.