So do the whales have the ability to dump us into a bear market on their own?
Yes they do, think of them having this to be their bargaining chip into the markets, they ask for something and it doesn't happen then they will show us who is boss.
They would be able to buy cheap Bitcoin but if we're in a bear market they can't sell for huge profits (and then rinse and repeat) until the next bull run. Or is Bitcoin accumulation the be all end all for them?
As much as these guys can make big moves they need the smaller traders to make their moves otherwise markets won't make their moves.