I am guesing here is what is happening in bitcoin markets:

There is an extremely rich white hat player who is richer than everyone else combined.

He starts buying and so raising the price.

Keeps on doing that until he sees that someone else started buying too.

Then he stops buying and lets everyone else continue buying.

Once they all have spent all their dollars, he starts selling to himself and drops the price drastically.

Until everyone else start panic selling (to him).

Once they are done selling, he repeats the cycle.

Good luck timing the market.