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.
The market could be manipulated since it is depending on the supply and demand for bitcoin. By a group of whales, I think they could easily affect the market of bitcoin by holding a very big amount of bitcoin and also when if all have a big percentage of bitcoin this could easily affect the supply of bitcoin in the market affecting the market price of bitcoin. Also most of the time they do this in one exchange that could easily work and then they are just going to sell their bitcoin at the same time making the market dump quickly.