In theory, this is true that bitcoin is only controlled by the users. This is completely a game of demand and supply. The more there is demand, the more high the price of bitcoin because its supply is limited.

However, in reality, there are big whales, investors and exchanges who manipulate the market as they have a lot of bitcoin to sell and then rebuy and in this way, they keep on increasing their holdings and retailers are the ones who lose money by this manipulation.