It is the perception of minds. If majority thinks that our currency is going down, the only way to survive is to invest in digital currency like Bitcoin, it can go up. Too many factors are involved that make it hard to predict or analyse the market.
!tip
Indeed for emerging economies or less "stable currencies" but you would see outflows from US based customers or Europeans / Japanese as they would need to prepare for a recession.
So there is some positive for BTC and some negative. Hard to know which way will be leading BTC price