For this example we can use pandemic and trump, pandemic made stocks go down but it also made bitcoin go down, pandemic was global and it hurt everyone so it is obviously easy to understand why both got affected, but trump is american president, that has got nothing to do with bitcoin.
I believe that the cause was pandemic, at that moment in March so they both went down for the same reason but they didn't went down because it was something we couldn't handle in both of them and not because one went down. I agree that there is a correlation, but I also disagree they are connected all together.
I just think that there are times when they go down together, there are times when they go up together and there are times when one goes up the other goes down. This means we do not know what will happen beforehand and that is why we can't predict the movements of one of them by looking at the other one. Finally if they are not connected but correlated, that means it doesn't matter to us at all because if we can't use that information, what is it good for?