There are people who are speculators and manipulators which does have an impact, all these huge moves are things we all do as community, nobody is powerful enough to bring bitcoin from 9k levels to $20k levels, nobody has that kind of money neither, you have to be warren buffet to bring that much money and invest. However when we have like $11.2k to $11.8k type of moves back in the day, that could have been people who are speculators and manipulators, they do not really make those kinds of moves because they can, they do it because they also want to and it profits them.

There are tons of reasons like for example short/long futures where if you have enough money you could liquidate others money and make it your own very quickly with just one pump or dump you could provide.