Possible, but I'm not sure how likely. If the final counts are close enough, that makes it real easy for the electoral college to lean Trump, just like they did last time.
Lots of people don't believe democracy is ending because (a) the numbers are close and (b) a president is allowed two terms.
The real test if Trump is declared the winner will be to see what happens in 4 years. A third term would be the death of democracy with no doubt in anyone's mind.