There is too much volatility in Bitcoin to properly measure whether there is a correlation or not. If Bitcoin were to stabilize we could have a better picture.
Yes. I think the bitcoin has too much volatility. If the bitcoin price just rises 1% a week, that will make it very valuable.
IMO I think the price will stabilize (to a certain degree) after the halving occurs, I think the run up to this will show increased volatility but after the halving I believe it will settle and then maybe more accurate comparisons can be made to real world markets.