I don't put too much emphasis on the conspiracy theory angle for the same reason. I just don't have enough information.

It's obvious to me the markets are not free though. Manipulation by the Fed and other central banks is rampant, and how the markets react to it is a monument to the fact that markets are driven more so by liquidity than the true underlying fundamentals of investment assets.

As central banks pile debt onto their balance sheets (QE), this frees up more and more cash which is injected into all markets. BTC, precious metals, stocks, bonds, real estate......it doesn't matter. Every asset benefits in terms of price. The whole idea is to inject enough cash that sellers can't cause the markets to fall beyond "acceptable" levels, which would then begin to threaten the equity (stock portfolios, retirement funds, real estate) of the middle class. If the middle class falls, then the jig is up and the banks would completely collapse.

One could argue this sort of manipulation is done for the sake of economic stability and prosperity, not just to line the pockets of Wall Street. From where I stand, both arguments are equally viable and it doesn't really matter.

What really matters is that we understand the ultimate driving force in the market. It's liquidity, not fundamentals, and this is why Fed policy is the #1 concern of investors. This is the true nature of asset bubbles, and for the past few generations humans have been building the biggest asset bubble in history.