Only if they all sell at the same time. I don't see why that would happen. Selling ones bitcoins isn't an event you coordinate with other holders of bitcoins. It will happen gradually, and have a dampening effect on the price. In all likelihood it's happening right now. There was a huge ask wall at $40. Seems like a lot of people wanted to take profit at that price.
This is also why a crash doesn't happen. If everyone decided right now they've made enough money and wanted to sell their coins, the price would start dropping, until it reaches a point where people are no longer satisfied with the price, and they will stop selling. At which point some buyers will be satisfied with the price drop, and get into bitcoin again, thus raising the price, and the cycle continues.
It's really fascinating to watch the sum total of the actions of all the sellers and buyers, and how it unfolds as an ever-changing price and order book.
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