Intel doesn't do price cuts. Although dropping prices on Intel's existing Broadwell-E HEDT lineup would help it compete more effectively with Ryzen, I don't see that happening because it would represent a loss of face. Most likely, Intel would conclude that the hit on their brand equity (by legitimizing Ryzen as a competitor) outweighed than whatever money they would gain from the additional sales.
What's more likely is that Skylake-X pricing will be reevaluated, and better products moved into the same price points.
What would be reasonably competitive pricing for Skylake-X?
- Flagship 16-core at $1723, for those who absolutely must have the top consumer processor no matter what
- 12-core at $999
- 8-core at $599
- 6-core (full PCIe lanes) at $399
- 6-core (castrated PCIe lanes) at $299
I could see Intel doing something like that. By doing it for the new generation rather than cutting prices on the old one, they would be able to pretend that this is just the usual process of generational improvement and has nothing to do with competition from AMD.
AMD's best countermove, in turn, would be to do a consumer 16-core CPU as soon as possible (via two MCM'd Summit Ridge dies), and clock speed bumped versions of the existing core configurations ~6 months from now once the production quirks are all worked out.