Is there any evidence that these mysterious 'whales' really control the bitcoin market, or is this a myth generated as people try to understand why bitcoin prices go up and down?
Maybe there is. But then again - it's just a theory, as is the theory that the world is ruled by several influential families. The market is manipulated-and quite easily! Plus, there are a lot of bots trading on crypto-currency exchanges, arbitrage bots, which can be programmed to push the price in one direction or another. There may be a certain collusion, but it does not always work! Market factors which arise subsequently, error, panic sales, or HYIPs which give a snapshot of growth is impossible to predict, and they emerge naturally.