Although Bitcoin has incorporated many recessionary fears into its price, Bitwise analysts warn that downside risk still exists. Despite experiencing a 27% drop from its peak in anticipation of potential U.S. recessions, the crypto market remains vulnerable to further losses if a downturn actually occurs. A recent report from Bitwise highlights Bitcoin’s mixed performance during previous recessions – notably, it suffered a significant selloff during the 2020 Covid recession, but then soared over 300% by year-end. The analysts suggest that Bitcoin is likely to remain under pressure if equity markets experience further declines. While recent downturns may have already priced in many recession fears, there’s still potential for more downside should a full-blown recession materialize.