Well, its manga... Anything can happen... Naruto, which is lack of brain material at the beginning of the story.. Suddenly become the one that surpass his father. He definitely will become the 6th Hokage.
Therefore, it is no point for Kakashi to survive & live on... Even though he is the best candidate for next hokage due to his ability & strength on the battlefield.
Kakashi was definitely a great ninja, but all that talk about the next generation surpassing the previous one is starting to kick in. If you look at it, there's really nothing Kakashi can teach Naruto anymore...Fukasaku said himself in chapter 430 that Naruto surpassed those who came before him. He will definitely be missed, but all those flashbacks about Obito and Rin are hinting that the infamous copy ninja is truly dead.
But Im still going to hang onto the fact he is still chat'n with his dad in some kind of seal/ barrier jutsu to unleash the White Fang's powers which MIGHT of been sealed inside of Kakashi.
personally, i think that kakashi is dead right now, BUT, if i remember correctly j-man died, and then came back to life! but then died again lol, but j-man also didnt have any medic nins nearby when he came back to life, instead he got blown into the bottom of that lake, so my guess is that kakashi is dead, but he wills himself back to life and sakura saves him, or the white fang chakra within him is unleashed!! haha the last part would be epic but there is no evidence of that whatsoever