How can regulations kill the bullishness? Stock markets are much more regulated than Bitcoin, and big tech giants like Facebook and Apple are almost always at their ATH because they keep growing and growing. If it were like you say and the whales could no longer manipulate the market, it would be a good signal to investors and the price would grow in long term and eventually reach a new ATH.
it is because of lots of FUD that has convinced most people that regulations are ALWAYS bad so now they are scared whenever they hear the word "regulation". otherwise regulations could be both good and bad. sometimes (on rare cases) they could slow down the adoption such as ridiculous license for businesses, high taxes,... and some times (in most cases) they help the adoption. for example in 2017 Japan regulated bitcoin and price went from $1000 to $20,000