It's just the flowers that have fallen off and the inflorescence dying back, not the entire plant.
Orchids are perrenials. Your Phalaenopsis has the potential to be over 20 years old or more (if you're able to grow them for that long)!
If you don't mind posting pics of the entire plant, people would be better able to spot other potential problems that could compromise the health of the plant quicker.
Descriptions, (especially when the incorrect terminology is used to describe orchid anatomy), can be difficult to diagnose. The difficulty lies in the fact that certain problems sound similar to each other via decription. But a photo is usually better able to narrow the problem down.
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Philip
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