Oh it's definitely possible, probably until the price goes high enough for bitcoin to be worth mining again. Especially for the small-time miners who has significantly slimmer profit margins compared to the big-time miners. In fact, this is what I assume will happen as it's the most likely one in my opinion. I don't think it's likely for bitcoin to rise in price in the short term.
That’s the whole point here. Halving is not first time now and miners already know how they can get the profits, by waiting and turning the purchase-to-cost ratio upside down.
For small miners this is the only option and for mega miners they will survive with block reward itself considering the high value of btc right now.