I think that there are people who hold a very large volume of bitcoins. And they have a strong influence on the price of bitcoin. Unfortunately, the price of bitcoin has become unpredictable. This suggests that there are manipulators
There are really people who hold a large amount of bitcoin that can shake up the market once they buy or dump their coins. Good thing as time passes by, numbers of unique bitcoin users, even holding a few quantity of bitcoin, are increasing resulting in a great numbers. With this kind of changes in the ecosystem, even bagholders dump their coin, bitcoin price can stand the pressure because of the resistance that those others bitcoin holders are doing.
Not like in the early stage of bitcoin that price is purely manipulated and whales can dictate what price it should went, price increase or decrease.