Alot of people assumed that since Bitcoin was created during the 2008 market crash. That if there was another market crash it would do the opposite, since it would be a safe haven and supply being capped. However when the covid crash happened the opposite was true.
What do you mean by this? We can't really compare since it was created after the 2008/2009 crash, and therefore there wasn't much movement in Bitcoin, at least that could be reliably correlated with the crash, since it was a new currency, and there was a whole lot of factors to consider. As for this recession, I honestly thought Covid would make it dive quite severely, but it held quite strong for a while. However, that doesn't mean Bitcoin is recession proof, since we're now feeling the effects of a recession. Usually, the initial declaration of a recession is usually when things start taking a hit, even though the signs have been there for a while, and then a few months after when all the rates have been adjusted, and therefore people are feeling the pinch that's when you see the true effects, but again it can't be accurately correlated, there's a lot of speculation, and assumption to be made.
Ultimately, Bitcoin is, and probably will be effected by this recession for a while. I'd be pretty confident to say the next six months will either see a downward trend overall or bouncing back, and forth a few k.
