That works for shorts also. If they hold their positions at this price they can slowly lose all they gained once it starts back up.
I do not think it will ever be worth 0, but your short position could eventually go up to $60. How long will you hold?
Downside here is limited. Easier for longs to hold at this price. Wall Street always reverses their cource on a stock once they cannot push it down any lower and there are no sellers left. I am in cash so I can wait for as long as it takes as the stock will trade higher, it is just a matter of time.