Probably not. I think most of the recent rally is due to events in Europe.
You are probably right, I would expect it the BTC to continue higher if so.
However, long term, the price of bitcoin will be an accurate reflection of inflation.
This cannot make the government happy. I expect to see continue controls over Bitcoins by governments.
Right now, Bitcoins may be the only free market and best indicator for long term inflation. However, it still has risks of being hacked or regulated.