there are two effects with different impacts:
1) the overall deflation of all assets which can also impact BTC as you suggested above
2) bitcoins infancy with still huge potential. just imagine every citizen of the world would have 0.001 BTC...
These effects are mostly money-flow based and are not entirely pure of other corresponding price impacts.
For example: Bond interest tends to track inflation
Prices that are linked to inflation (hard assets) should rise with the inflation rate.
yes.. and the should fall with the deflation rate.
We are in deflation or soon will be globally.