I don't believe there will be a pricecut. New bundles for the same price maybe. I think Sony are keeping an eye on the Switch and cutting the price needlessly now will give them a disadvantage further down the line while also losing money.
Also, if they believe they can make more money, even if they sell fewer consoles, then why cut the price.
As I said just before Christmas when Sony cut the price, they are not going to make the same mistake MS made (hopefully) and create a market that 'waits' until the inevitable price cuts. This is why I predicted the XB1 would see huge slumps in sales post Christmas when they continued with said strategy. I predicted an even bigger slump this year because it was coupled with less exclusives and the launch of the Switch. In my opinion, Sony made that move towards Christmas knowing full well it would begin a downward trend in sales early 2019 but they had to combat the XB1X/Switch in some way so they dropped the price prematurely to cover it. They would not have made that move if they had no intention of dropping the price sooner or later. Like I said, there's no way they'd make the same mistake as a company desperate to compete in the US. Sony will be evaluating when the best time for the price drop, but it is coming and soon, hence the new models of the PS4/PSVR. They cut the price of PSVR because its an emergent market and it's worth losing to gain in the future with that product. They're not so desperate with the PS4 because PS+ will be supporting much of any loss. I think they're just making hay while the sun shines at the moment.
I totally agree with the holiday pricecuts. I was saying the same thing about causing sales to drastically drop going into the new year. I defended Sony for only doing a pricecut over a few days with a limited stock to not cause the situation, like you said, people will wait.
But I think Sony will be smarter about cutting the price. They have GoW around the corner plus exclusives dotted throughout the year to keep up the momentum without dropping price. I expect them to use their older games to make bundles. Or GoW 1TB bundle for $300. I think that's as extreme as they'll go.
I think Sony want to keep clear of the $250 price until about September/October with a $199 bundle for a few days over black Friday.