We are seeing more and more futures exchanges becoming popular, bitmex, okcoin, huge daily volume. I can be sure that whales are profiting from the futures trading market by manipulating bitcoin prices.
Its too hard to want a bull market, even now the price is low. Bitfinex doesnt buy Bitcoin again.
The current market situation is that the whole sea is full of whales. So there will be no bull market in 2020. Whales will continue to profit on futures.
Even if we consider the option that bitcoin is completely dependent on whales and speculation, whales will not leave bitcoin as bitcoin needs a push, without it he just died, but I think that the main growth factor will be the demand for the purchase of bitcoin beginners who have just come to the market ! Everything can change at any time and bitcoin will start to grow !