If we look at how all this affects people's purchasing power then we can assume that people will invest less in risky things like Bitcoin, and on the other hand that even the biggest holders may have to sell part of their supply because they will have no other choice. But the fact is that big investors have trillions of dollars at their disposal, and the fact is that they invest when there is blood on the streets.
Over the years I have seen various falls and jumps which is quite normal for BTC, but I have to admit that this jump surprised me quite a bit. I see price was $11300, and now it is $10700. It would be nice to stay above $10 000 for at least a while.
Yeah, I don't necessarily believe GDP drops are the only thing that matters (and I believe modern economists are also rexamining this fixation with GDP ad the barometer for economic health) but it still sends jitters throughout employment, business, certainly for the consumer.
Regards to investments, I do believe that people will actually see Bitcoin (as a new alternative alongside gold) as a viable store of value, to protect against hyperinflation etc. but this is for the middle/upper class who will look to move their savings out into these assets, especially now in the EU as interest rates drop to zero or negative. So you're right, they will be investing in blood, but they'll still be focusing on cut-rate assets now like real estate. I personally think the wealthy (and institutionals) already got Bitcoin exposure in 2016 or earlier... while those who went in at 2017 largely cut their losses in 2018/19. So whether or not they are tempted to get in again now, if that happens, then yes there'll be momentum from them.
But for the middle/lower class, where they will be already eating into their savings now, as most people I know are, they will not be investing and yes, Bitcoin is still considerably riskier. That sheer strength in number will be lacking in any serious push for a new BTC ATH.
Again, complete speculation with only anecdotal aspects. Anything goes at this stage.