Purpose Unlike previous crisis where investors tend to put their assets in safe havens like
gold, the recent coronavirus pandemic is characterised by an increase in the Bitcoin
purchasing described as risk heaven. This paper aims to analyse the Bitcoin dynamics and
the investor response by focusing on herd biases. Therefore, the main objective of this work
is to study the degree of efficiency through multifractal analysis in order to detect herd
behaviour leading to build the best predictions and strategies.