can the price go down to 40k?
Yes. The chances are there and that's what volatility can do to bitcoin. If the price can go down as much as $40k or even lower than that, we have a good news that bitcoin can also go as high as what we can imagine or more than $100k.
Will we still be in a bull market if we drop to 40 thousand?
Yes we will because the bull market support is somewhere around 38 thousand. 40 is still a bull market.
I also consider that even if bitcoin drops to $40k, that's still far from the past months prices.