Is this the right thing to do. I still like him :(?

[Andriana]

Long story short. I adore this guy. I could love him. In the beginning he liked me a lot, but I held back because likes to sleep around other girls and does not want a relationship (I've never been intimate with him). We used to be super close and would text and facebook almost every day. He was there for me when I had no one to confide in. But in the last few months, our friendship has lost steam, mainly due to the fact that my former best friend basically told him how I'm "marriage material", and that scared him off. He now views me as someone he "catches up" with once in a blue moon, even though we live close to each other. It's come to the point where although I still like him...I have to completly cut him off. Because I'm too emotionally attached to him, keep checking my phone and am always sad when I see he doesn't message me consistently as he used to. He now sees me as a friend. I mean, we were always just friends, but it could have gone further, physically. I think he wants me to to wait around, becuase he wants to sleep with girls (he's 21) and enjoy being a bachelor.
I plan on changing my number, as I need a new phone anyway. I know it's not a nice thing to cut contact without warning, I'm doing it because it's obvious that I want something more than he is prepared or ready to give. As for Facebook, I've temporarily deactivated my account (it's been deactivated for four months).
I'm sad, but right now I'm stugying a pre law course, but keep checking my phone and am upset when he delays his replies and just two days ago, he gave me a lame cop out when I asked if he wanted to join me for a walk. I need some advice.