It's not the end for bitcoin, however it is probably the end of the rally that took bitcoin to where it is right now.
It's important to note that bitcoin can exist without any government support, which means that even in the worst case scenario, as long as there are people using bitcoin software, there will still be a functional bitcoin network.
$3000 could be possible, perhaps it could go even lower. Nobody knows what will go on in the market when everyone is panicking about the bear market.
Although if bitcoin does go to $3000 it's a great price to buy at in my opinion, and if you are interested in investing bitcoin for the long run you should stock up around that level. It may go lower, but not much more. A major rebound should happen at that sort of price as well.