What you say is a possibility, but just unlikely to happen on a large scale. It also doesn't last as we have seen. Don't forget that the more professional the parties involved in Bitcoin are, the more strategic planning is involved.

If we look at why these crazy bull runs are separated by years, it becomes clear that accumulation is a very slow process in a market significantly lacking liquidity in all aspects.

Whales will only buy up the market with confidence if they have a significant number of coins already, which should make sense. Currently we're back at the initial accumulation phase, and we don't know how long it will take.