Guess what, you never gonna find out.

Long term fundamental for bitcoin remain the same (limited supply, innovation will make it faster = lightning, it has not been hacked etc.).
I think its a combination; price manipulation (because it's not regulated yet) and less FOMO. Once the SEC (US regulators) starts to find and end at least end  some of the manipulators it might kickstart into a global regulatory framework. Nobody likes regulation, but in this case I think it's good because what's happening with the price right now (if we assume it's partially caused by manipulation) does not help to grow the entire crypto industry.

To put things in perspective; btc was 2k last year same period, so eeeh...we're not doing that bad :-)