Interesting theory that is often applied to traditional commodities. I think there may be some validity but from what I've seen here in China, most miners have moved their operations due to the government.
I wonder how long we would need to stay below break-even mining price to see miners pull out.
Probably a few months as many of them likely would keep operating at a loss hoping for prices to recover, especially since they may have sunk a lot of money upfront building the mining operation. My guess would be months?