Bitcoin will not dip under $7500; to do so would be defying a 7 year history of doubling every year
Bitcoin is going down because dominoes in the actual market are beginning to fall into each other. Bitcoin could have a lower floor because it's never been through a true recession / depression before. Short term I see everything going now as investors are scared and trust their fiat (for now). Once things stabilize a little, I expect reversal in cryptos.
That very well could be the case. I hold a different view. I think Bitcoin will do quite well. The corruption that causes these financial collapses is why Bitcoin exists in the first place.
Bitcoin will bounce off the doubling line like it always does, and when that happens, if the stock market is still boned a lot of that money will simply flow into Bitcoin. I expect to hear the phrase "safe haven" about 10000 more times before this recession is over.
We'll see... we're pretty close to $7500 as is. If people are scared enough, technicals and fundamentals stop mattering. I'm long on Bitcoin, I see this downturn as opportunity, but most people don't think that way.
I think there are deep deep pockets that will never let the price fall below the doubling line no matter what. Doesn't matter how bad the economy is doing; Bitcoin is easy to prop up because the market cap is so low.
If stocks continue to bomb and Bitcoin is bouncing off the doubling line this will create a mass exodus from stocks to Bitcoin and we'll get one of those x20 spikes again that fucks everything up for a year.