The bauble will burst when Chinese fakes become good enough to pass most of the tests, or when MTG itself collapses (so, when Arena kicks the bucket). They may already pass. From what I see, there's not really anything to pull out the bottom of prices on these cards. Playable cards will continue to have a hard baseline that adjusts with each buyout. Even garbage like Fluctuator (price of $2.50 for years) still maintains a $6 price after its spike failed.

I think players would slowly accept good Chinese fakes in EDH (I imagine Cradle is a huge staple, along side the Vaults, Grim Monolith, etc) and from there they could slip into Legacy or Modern (Liliana, Snap, Goyf, Bob). With a good enough fake that passes the feel test they'll be good for tournaments. I doubt GP or Open judges are going to be louping every Reserved List card during a deck check - not to mention the aggravation of having to desleeve double sleeves. And good luck convincing a player that some grubby neckbeard needs to desleeve his NM $4000 Tabernacle or playset of $500 LEDs.