Any asset needs supply and demand to grow, and so does bitcoin. I agree that the current bitcoin price is not determined by supply and demand, but it will be a key factor for the sustainable development of bitcoin when bitcoin is globally popular. In my opinion, bitcoin price is still being manipulated and if bitcoin doesn't bounce back, then not only are we leaving the market, but market makers will no longer be profitable. So they will maintain this playing field, so bitcoin's price increase is quite certain.
Manipulation will always exist and where does it start and where does it stop? Currently the demand is not high, but during a bull run it is very important. Remember the last runs. For example, in December 2017, it felt like every 4th person in Europe was talking about Bitcoin at the Christmas table, and shortly after that the bull run was over. Before that, more and more new buyers came in, even the miner S9 or L3 were trading at very high prices. Currently you are right, but in the future it will play a role.