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.
I think that several factors can be identified that affect the entire cryptocurrency market and the cryptocurrency pricing. Of course, speculators cant do without manipulations, among which there may really be big whales, since it is precisely an increase in the supply of bitcoin in the market that reduces the price. But you also need to pay attention to various negative news that constantly negatively affects the cryptocurrency market, but in my opinion it is very difficult to identify the real reason for the market drop. It is as if many people believe in the prospects of cryptocurrency, invest their money in cryptocurrency, but there is no market reaction to demand.