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.
Once the demand will grow the big whales will have difficulty in manipulating the market especially the bitcoin price. And now that there are more and more who have notice and invest in bitcoin then time will surely come that they will not be able to manipulate the price anymore.
But right now, we should just follow how the market works as we don't have the power yet to stop them in manipulating the market. This is our only way to make a profit in this type of environment.