Yes, the so called "whales"(basically just people with a crap ton of BTC) actually do exist, but they can only manipulate the market to a certain extent; but definitely not the case where most people think that they totally control the bitcoin market or something that ludicrous.
But yea, as the marketcrap increases, it's just going to get harder and harder.
Whales can't have total control in this market. They may make a dent at some point, but will not significantly alter the market.
I don't understand why some people are still thinking that this market can easily be manipulated by whales.
A lot of factors are contributing this up and down movement. As more stakeholders are joining this market, expect a roller coaster ride.
We can only see clear manipulation in most small cap alts. Where small buy can tremendously change the percent change in the market.