Well, if people stop mining, the difficulty will fall. If the difficulty falls enough, bitcoin will be cheaper to acquire and thus be worth less than their current estimated $4 of worth. Additionally, the release of the 7xxx series from AMD will probably speed up hashing. So, it's possible that if people stop buying bitcoins we could go to less than a dollar, yes. It seems kind of unlikely right now, though.
Why? This makes no sense
Difficulty can vary if the price vary, if bitcoins is worth 1$ then a lot of miners will stop mining cause they will not be able to pay the electricity, if bitcoin jump at 50$ then a lot of miners will join and mine more
But difficulty do not influence price. Price influence difficulty.
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