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.
They (whales) have a sneaky thought to manipulate value along with the user's reputation and interest. they (whales) are also not arbitrary in manipulating values because it can reduce the interest in the cryptocurrency market and ultimately those who suffer huge losses. no one can ban anyone who wants to hold large amounts of bitcoin, decentralize cryptocurrency.