So far, many countries have depended on the dollar, making the value of the dollar even higher. Inflation has made each country's fiat lose value and dependency has only made matters worse. Dedollarization has been talked about for some time – but is clearly difficult to implement in many countries.
It is difficult to not depend on dollars, it is the most widely used international currency throughout the world. When a country want to do any transaction, they use dollars. As long as it lasts, I'm not sure the dedollarization will have a serious impact on the dollar value. The dedollarization will be real if most countries are no longer depending on dollars to do any transaction.
Meanwhile bitcoin is experiencing the impact of economic chaos. Some large investors may agree to invest in bitcoin as a reason to protect their fiat value during inflation - but many others choose a store of value in a different asset. Bitcoin prices are expected to recover gradually as interest increases - but so far there have been no clear signs of price recovery despite rumors of a spot bitcoin ETF being approved.
If more investors prefer to choose Bitcoin to keep their wealth, Bitcoin should increase its price due to the rise of demand. It was happening in 2021, many new investors of Bitcoin because they considered it as a safer asset. However, since there are many bad news currently, not sure whether there are larger new investors or not. Investors will doubt to invest when they heard to much negativity on Bitcoin.