Maybe.
Personally, I think it won't be that bad overall, but it will be the short/medium-term death of set-it-and-forget-it index investing. Like, I think you'll be OK-ish with that strategy, but basically flat. Whereas someone who can at least buy dips and sell rips with like a 60% hit rate is going to massively outperform a buy and hold strategy. I mean, I suspect someone who can successfully do the dip and rip strategy has ALWAYS outperformed buy and hold, over this coming period of time it's going to be an even greater delta between the 2 strategies and thus trigger conflict and gnashing of teeth between the 2 types of investors.
IMO