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.
I think in all types of assets, large holders of individuals or their institutions can manipulate prices, especially in the cryptocurrency or bitcoin market which is completely unregulated and there is no regulatory authority so it is natural that there are often signs of manipulating the market.
so I believe that whales play a role in influencing the market and if one of them sells some or all of them, then the price of bitcoin will vibrate or weaken.