This seems to be the most likely outcome to me. Bandcamp and Soundcloud have always had a huge overlap in functionality. I've always much preferred Bandcamp anyways.
As a user of both they've always seemed like two completely different services to me. One is streaming, the other a store. One a social sharing based platform, the other mini-sites for each artist with terrible discovery. Bandcamp would need to change a lot to replace SoundCloud's use case.
NB: Not shitting on Bandcamp, it's great and I use it.