Given the current situation, I'm not too surprised that Trump's approval numbers would take a big hit in the polls even without the usual media rigging and fear of cancel culture.
Like someone else said earlier, he's had to deal with a global pandemic, widespread violent civil unrest, and a major economic recession all at once. 2020 is basically 1918. 1968, and 2008 all in one and at the exact same time for the most part.
But at the same time, if the economy stabilizes in the later parts of the summer and autumn and he can keep his base energized and active, I think he can pull it off given how weak Biden is as a candidate.
Any polls are suspect in today's political climate, and even if they weren't, you don't get any real feel for how it could turn out until mid-September at the earliest. Hell, even as late as October 2016, everyone assumed Hillary Clinton would win, both in terms of probability and in the polls the media used.
The one thing 2020 has consistently shown is that the most freakish of things can and often do happen.