Sounds like you’re not sure exactly how he feels towards you. If you don’t know, it’s kinda difficult for us to give any constructive advice really.
What do you want to happen? If he did feel the same, would you start a relationship, or would you resist because of the anticipated reaction from your friends and family? Can you push through those barriers and make it work?
If things don’t work out for any reason, the final outcome will depend on how comfortable you both feel being friends. Most likely one or both of you will find it difficult and you will lose touch for a while, after which time you might get over him and you can resume being friends. You probably won’t be as close as you were.
But yes in theory and in practise it is possible for true friendships to form. It does get complicated if the people in question have once both had strong feelings for each other, but it depends on the situation really. In general, one’s level of attraction to a mate changes over time, so you should be able to overcome this eventually and benefit from a more stable friendship with this guy. That is, if it is really worth it to you.