The last part of your post is a bit scary. I don't agree with you that it would need a fiat or two to collapse but still, that would be a bad situation.
I do believe that you are correct in that many cryptocurrencies have a long way to fall still. Many had such high hopes in January when it seemed nothing could stop the trend but now we have to be more realistic and see this space without rose colored glasses.
I'm with you on that..