The stock market isn’t likely to go through a dramatic correction like a 50% decline because it is dominated by companies that fall into two categories: (1) they haven’t been impacted by COVID (or have even benefited from it); and/or (2) they have enough political muscle to get bailed out by the U.S. government (this is a feature of classical fascism).
Most of the businesses devastated by COVID are not publicly traded.
The gold and BTC scenario you describe is an unmistakable sign of CURRENCY INFLATION. Holding cash in that scenario is one of the dumbest things you can do.
We will see.