the only reason why bitcoin price dropped during the worldwide panic was that the bull market hadn't started yet and price was stuck behind a rather strong resistance and couldn't break it. so the tendency to drop was already there and whales took advantage along side the panic sell.
if another similar crash happens during the bull market it won't affect bitcoin at all. it will just lead to some whales losing a huge amount of money trying to go against the market just like what happened during 2017 and bankrupt many whales.
What you are saying is quite reasonable but I am not so sure about it because, after all, bitcoin today is conceived as an asset by most investors. A volatile, high-risk asset. Not a currencý, not the best store of value, but an asset.
What happened in March is that investors, faced with the catastrophe that was coming, sold all kinds of assets en masse to obtain liquidity. That is why everything went down, not only the stock market and bitcoin, but also gold.
And that can also happen again.