Maybe yes or not because the volatility are depend on us investors we are the one can recover bitcoin price if we pump it if all investors are dumpers and do panic selling it will never be recovered because of all new investors lack of knowledge about bitcoin.
Well, the whales are the one who decide if the market will recover now cause they are the one who flooded the market from the get go and we the investors only need to play our part like buying dip and holding for we're not the one manipulating the price of the market.
I think big investors is the one who can be the reason for the next pump, but for now that bitcoin price are in the dip we just need to hold and wait until bitcoin recover.