Bitcoin’s price swung sharply ahead of its weekly close on April 6, caught between growing fears of a stock market collapse and bold predictions of a near-term surge in its value.

The cryptocurrency briefly fell below $80,000, marking a 3% decline over the week, according to data from TradingView. The drop came amid a broader sell-off in risk assets, fueled by new U.S. trade tariffs and mounting concerns over a potential recession.

U.S. equities suffered some of their steepest losses in years, with the S&P 500 and Nasdaq Composite both plunging nearly 6% in a single session on April 4. The downturn evoked comparisons to historic crashes, including the 1987 “Black Monday” collapse.

“Trump’s tariff announcement has erased $8.2 trillion in stock market value; more than the worst week of the 2008 financial crisis,” noted Holger Zschaepitz, a financial commentator, in a post on X.

Jim Cramer, the CNBC host, had earlier warned of a potential 1987-style meltdown before suggesting that modern safeguards, such as trading halts, might mitigate the damage.

Yet even as traditional markets faltered, Bitcoin’s relative stability sparked debate. While it was not immune to volatility, the cryptocurrency avoided the kind of steep, synchronized decline seen in equities. Some analysts argued that Bitcoin could soon decouple further, and even rally sharply.

Max Keiser, a vocal and often controversial Bitcoin advocate, went further, predicting the cryptocurrency would hit $220,000 by month’s end. “A 1987-style crash will send trillions fleeing to the ultimate safe haven: Bitcoin,” he wrote on X.

For now, traders remain divided. But after weathering last week’s turbulence better than many expected, Bitcoin’s next move—whether as a hedge or a high-risk bet—is being watched more closely than ever.