How much is manipulation playing a factor in the price action.

Last cycle w/FTX (we know there was manipulation) and this cycle with the options markets and tradfi. Since everyone kinda knows that Bitcoin and the dollar are incompatible, how much time can the power players suppress the price and extend the life of the dollar and the bond market?

Hashrate at ATHs begs the question how many miners are running unprofitably via state sponsored subsidies? Etc.

It just feels like an entirely irrational market when looking from a first principles lense. How long can the market stay irrational?