There is certain probability to it happening, but I don't think it's just yet.
We have seen price declines like this before:
Longest so far price decline lasted for 626 days - 2013-12-01 to 2015-08-19 (Mt. Gox theft).
Later declines lasted 50 days in average.
Current decline has lasted for 39 days (at the moment of writing this comment).