Yes and according to some it could be fixed by halving the block reward.

Why it won't work: 2 hypothesis (for the demonstration we will assume that the price drop is caused by the amount of coins being dumped)

*The halving increase the price
-Less coins will be mined, but those coins will be worth more
--> No effect at all, the dumping of the newly mined coins will make the price drop like it is doing now

*The halving doesn't increase the price
-Less coins will be mined but the price will remain stable
--> mining will no longer be profitable for anyone and the coin will die.