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.
Although the possibility exists, there is no strong evidence that whales can manipulate the price of Bitcoin. Moreover, cryptocurrency trading is getting wider, there may be a market maker but its power will have a big influence if it is driven by other forces. Seeing this condition, I am more inclined to choose an analysis were sales on a small scale that continues and accumulates that make this bearish so long.