It's a little hard to know the cause and effect here. Clearly Biden would have been in much much better shape with stronger finishes in Iowa and Nevada. Bloomberg's emergence likely has a lot to do with extensive/obsessive media coverage also though.
The ordinary course of events after Iowa and NH *would* involve big problems for Biden. But the candidates who would benefit from that would be Buttigieg, Sanders and maybe a little Klobuchar, not Bloomberg.
To be fair we don't really know what "normal" is in this case since Bloomberg's strategy is new/novel. But the media should recognize that how much time it spends focusing on different candiates, and how it frames them, can itself be a cause of swings & "momentum" in the primary.
