My view has been that these dynamics are largely driven by people who don't understand bitcoin. If what you're proposing were correct, I'd expect to see highly knowledgeable people abandoning bitcoin.

That falling prices, in this case bitcoin, should move your needle away from "hyperbitcoinization" and toward "maybe this thing doesn't work/never gets properly off the ground" 

I haven't seen too many (hardcore) Bitcoiners doing that. (Not even the loud ones like Luke Gromen etc have changed their beliefs as far as I can tell... Just short term trade, "thesis" intact)