What will happen is the smaller players will fall out of mining and the larger players with the bigger pockets further centralize their control of btc.
In Truth, their is no price floor as holders of btc may just need to cash out to fiat.
If the miners had unlimited fiat to purchase the excess bitcoins, they would not need to turn off their ASICS to save money to start with.
![Tongue](https://bitcointalk.org/Smileys/default/tongue.gif)
If the price drop is very severe and too long even the big players will fall , and then the bitcoin network hash drops so low that the network dies in a death spiral.
https://cointelegraph.com/news/how-close-did-bitcoin-get-to-disastrous-chain-death-spiral
That is the danger when the inputs costs to maintain a PoW network exceed the purchase price per coin for any extended period of time.