As many people get poorer they'll have less money to save. More income will be chewed up covering basic essentials. Unless Bitcoin can be used to buy more things and more people can easily earn btc the relative value to fiat will remain somewhat repressed. Eventually more things will be valued in bitcoin terms, but while we're getting there we need more things that people need available to purchase with btc.
Discussion
Great
What you are describing is why Monero will outperform Bitcoin over the coming years. It's meant to be spent and earned and usage as currency is encouraged by the community.
Bitcoin is digital gold in the perception of the 99% who invested because they see it as a chance to earn more fiat in order to gain more freedom. It's something people use for investment or speculation purposes.
People (not neccesarily the 1% Bitcoiners who are already here) will use their store of value in order to survive, which in most cases means pulling money and value from BTC and spending in fiat.
Monero is perceived (and used) differently today. No one is going to pull more money than today and it's very likely the money newly invested will increase as privacy is eroded on all fronts and CBDC financial censorship is just around the corner.