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So, I have another ridiculous illness? Awesome
Yes, there is a whole range of diseases which can have reduced lung function as a symptom. The most common is COPD, which is an umbrella term covering a variety of causes of reduced lung function. You may get a definitive diagnosis from X-Ray, but you can also have clear X-Rays and still have COPD. On the other hand, if you can significantly restore your peak flow using bronchodilators, you almost certainly have boring old asthma, as COPD is only marginally affected by asthma drugs. As Wikipedia says,
COPD usually gets gradually worse over time and can ultimately result in death
But you can substitute "life" for "COPD" in that sentence :-)
That's why they X-Rayed you. If you had >90% most of the time and then just crashed to 50% reliably with known triggers, they would have pretty much nailed the asthma diagnosis without going to the hospital.