P.S. US equities are going down. If the same relationship between equiites and BTC holds, as has held for the past 12 months or so, then save for the odd window of divergence, BTC will also correct. There is of corse no guarantee that this will happen, but the chart I posted above speaks for itself. If equities tank here, and BTC continues on it's merry manufactured pump path, then the relationship which came into being during the summer of 2015, will have been broken......even you will clearly be able to see, that a BTC trader who took his cues from US equities, could have successfully front run BTC for the past 12 months, as equities are changing direction ahead of BTC. This makes sense, as US equities are the multi-billion dollar per day market, and if some participants are feeling rich in this market, then they may be inclined to put a little play money into Bitcoin for some fast gains, if participants in the equities market aren' feeling rich, or are feeling threatened, they will be more likely to pull funds out of the ultra high risk experimental asset, Bitcoin.
To make a quick point from a macro sense - perhaps bitcoin could be correlated to other things apart from the US stockmarket. Or perhaps it is influenced by a range of things?
As I said, macro wise, how about a weak USD 2011 - late 2013 and early 2016 - current?
Or how about with 'the impossible trinity' whereby China cannot maintain an independent monetary policy, open capital account and pegged exchange rate at the same time? (this by the way is how Soros broke the bank of England - he bet that of the trinity, it would be the currency peg that broke). This plays into the shaky performance of the Yuan; disorderly devaluation causes chaos globally (Aug 15, Jan 16) and orderly devaluation does little to stop currency outflows from China (bitcoin being one such small avenue out.) Or maybe it gels with the risk on / risk off rollercoaster of central bank jawboning? Maybe it's the halving and miners pumping to maintain income?