I'm going to try to analyze the economic situation involved.
Suppose a large number of people buy the passes.
Group A is FtP players who got the passes.
Group B is PtP players who got the passes.
Group A normally would use crowns to buy CE to extend playtime, but now instead use the pass. Demand for CE goes down.
Group B normally would buy CE with money/crowns, but will now use the pass instead. Both Demand and Supply for CE go down.
Both groups use CE for crafting. That isn't likely to change. However, since the passes are being used, less CE is being used on the elevators and more is available for crafting use. Supply of CE therefore goes up a bit, and crafted items become a bit more numerous.
Overall, Demand went down substantially twice (decreasing price), Supply went down a good bit (increasing price), and Supply went up a tad bit (decreasing price). There should be a net decrease in price coming up.
Did I miss anything?
There is absolutely no quantitative analysis here at all. What you missed is numbers. We don't have any real way to know how the forces you identify interact and what ends up dominating.
I'm not convinced that demand dropped more than supply. Price went up with the release of the pass. The initial increase in price was probably due to speculation, but price stayed high and actually increased (if my memory serves me correctly).
I'm not convinced that CE supply went up due to crafting. Sounds to me like your analysis is that CE diverted to a different use. This is not necessarily an increase in total supply. It is also possible that CE consumption due to crafting increased. It could be the case that more players are more wealthy due to the pass and the CE they would have used on elevators is now used to craft new toys. Net CE producers could even become net CE consumers. This probably isn't the case for many, but I don't think you can disprove the possibility.
What's a "net decrease" in price? CE is a single good that cannot be broken down into subcategories with different prices. I don't understand why there is a "net" decrease coming up. It's either a decrease, an increase, or it remains roughly the same.
You ignored at least two more groups that are major players in this market, FtP people who remain FtP and PtP people who also do not buy the pass.
Finally, how can we say that the price of CE will go down in the future due to the pass? The new patch could have something to do with it. How do you differentiate?