Based on what I remember, the early Bitcoin was priced more like a hedge against corrections in the stock market.
early bitcoin as in the mt gox only days? there's no way you can make a comparison with the hugeness of stock markets to something on one crooked market that was tiny and in a faraway land.
i think it's gonna take a long time before there are consistent and detectable patterns between bitcoin and other markets. bitcoin is still super reactive to news that would not affect any other market in any other way.
maybe with 20-30 years of history we'll be able to make some conclusions. until then it's too chaotic and patterns that people do start to have faith in will be smashed repeatedly.