Will there be a resurgence?

My thesis is that when the final straw occurs, the market will go down a lot and not regain for a long time. I think that the only reason the market hit its recent highs is that monetary policy forced everyone into the market since few alternative investments would compare. Now that the Feds have to put the on the brake, possibly returning to interest rates of the 1980s, I don't think the dip will bounce much.

I would like a rebuttal of this thesis. Thanks.