I doubt we’ll see the end of the two party system. The barriers to entry are gigantic.

In the US, more change takes place within parties compared to multiparty systems. For example:

• Conservatives taking over the Republican party starting with Goldwater and culminating with Reagan.
• Clinton moving the Democratic party to the center with triangulation.
• Trump taking over the GOP, and Sanders almost taking over the Democratic party in 2016.

And any third party would primarily siphon votes from either Democrats or Republicans, thereby giving power to the other.