Just like gold, in fact, during a recession and bank failures Bitcoin may just perform very well, because it has limited quantity, it is decentralized, and it is relatively decorrelating from traditional financial markets.
Bitcoin would dump hard during an economic collapse, it always does during Black Swan Events but it will never go to $0. There would be a lot of panic sellers but there would be lots of crash buyers too. The fundamentals don’t change, a new block is still mined on average every ten minutes. Just like during 2020 in the Covid crash, Bitcoin recovered to new all time highs & is over $90,000 now. You can’t keep Bitcoin down but it does dump hard initially in Black Swan Events.