Bitcoin price is determined by the few whales who happened to hold since the early days. If they want they can pump BTC to 1M $ and if they want they can dump BTC to 100$.
Doesnt matter who you are, A BTC holder or a daily trader, whales control BTC price.
What I mean by whale? The person who have more than million Bitcoin.
Bitcoin technology is great but Market is compeletly different story.
As they say that we can't control the market but we can if we are rich or what should I say part of whales, who are controlling the market price. and you said it right @alexey14 that market movements is a whole different and being manipulated but in this manipulation, wise trader also have the benefit because they can earn profit if they are working hard to know what will be the next move even it is not predictable. in this situation we should know the whole story and learn the movements.