I assume the market's controlled and manipulated indirectly by crypto millionaires and billionaires. They arevconstantly pumping and dumping. That is the name of the game. Some of these people are also involved in the mining process which is a huge business in itself.
Rich people will have a big effect for everyone if they will sell their Bitcoin with a very large amount then the price will experience a drastic change.
There's a clear dilemma here actually. I do agree that the rich holds majority of the bitcoins in circulation, but what profit can they gain if they sell their large of an amount of bitcoin at a low price just to prove they control the market. I doubt that none of them would love to that. You see, they may be able to dump easily, but they hold no absolute means to buy it back at a lower price than they sold. It would be ridiculous of them to expect they can buyback the bitcoin at a more profitable value.
They may be able to contribute in lowering the price of bitcoin, but i doubt that they alone can control the valuation of it.