Seems like a very plausible scenario. The only caveat to this is that bitcoin actually hasn't been trading with stocks as of late. The correlations broke about a month ago, though it could also just be that correlation only broke when stocks went up because bitcoin couldn't break through the $10k resistance area, which seems very possible.
That being said, I think there is a scenario where stocks go down and bitcoin goes up. If you noticed during this recent route, not only did stocks and bitcoin sell off but gold took a hit too, similar to what happened back in March where everything sold off. I suspect that was more of an initial reaction and if there is a prolonged draw down in the stock market I think bitcoin and gold could outperform.
well I guess a plausible idea would be to assume that once people realize that we are just printing money non stop, fiat currencies (especially the dollar) will lose ever more value. So I could see people looking for alternatives and bitcoin wouldn't be far away in that regards