Whales have the power and resources to manipulate the cryptocurrency market. The BTC whales are also very intelligent people that knows the value of their holdings so they do not perform their large Crypto trades on known public exchanges so as to avoid the slippages in price delivery and forcely crashing the value if bitcoin. They also have the resources to cause momentary pumps in price and that's why a big dump or selloff often happens after a consistent upward move
One thing you also need to know is that manipulating the price of BTC is not easy and it can't even be done alone, you can see Elon Musk as the number one richest person in the world who can only manipulate Dogecoin not Bitcoin, do you think Elon Musk is very hate Bitcoin and just love Dogecoin ?