Bitcoin is acting so weird now, it doesnt follow its usual price chart pattern. It should go down by now by the way. I guess it is because many people are still holding bitcoin in hope of getting a BTG coin. After the fork it should go down.
It only means that there is very significant price pressure that is pushing it up. I could bet that this is institutional money that is coming in. As you said - in traditional speculative world (as bitcoin was few years ago) the big correction already should have happened.