The short answer to this is yes, but we all know that the short answer never does Bitcoin any justice. So what is the long answer you may ask? Well, there is no one long answer, but there are a couple of indicators and factors that may hold the answer.
One of the factors that play a role in volatility is the activity of Crypto Whales and here is how:
https://www.tap.global/on-chain-activities-suggests-bitcoin-volatility-will-continue Do you think Crypto Whales play a significant role in Bitcoin price volatility?
Since when bitcoin didn't have volatile price? Bitcoin's volatility is the only parameter that makes it a great trading and speculating asset. If bitcoin's price was not volatile, no one would have used it as a trading asset. We use it as a trading asset because bitcoin's price is volatile and we try to ride that volatility to make profit for ourselves!
Regarding crypto whale manipulation, we also need to understand that they are traders like us, who wants to ride the same volatility to make money out of it. The buy it when the price is low and sell it when the price is high. It's the same logic that we all apply while trading. The only difference is that, whales have deep pocket and we don't!