Yeah, anything may happen at this point.
SBD price is dependent on STEEM and STEEM price is indirectly dependent on BTC. I should mention that many technical analysises see the possibility of a flashcrash when BTC goes to 1000 - 2000 USD range (with an immediate correction as a response). If that happens, there will be blood everywhere. If BTC does well, I don't think STEEM together with SBD would go much down. The STEEM blockchain has a value, in my opinion.