That's how free market works: various forces affecting the market which, somehow, removes the power from a few people to manipulate the market into whatever they want. Though we all know that manipulation is present no matter what kind of asset class we're talking about, but still the decentralized nature of bitcoin somehow helps in getting a free market possible for its traders. As for those who spread fear, most of them are just trying to buy in at a lower price, or promoting their own investments for the people to buy in and get their money.
I think the right title of the thread should be "Bitcoin will go somewhere" because I believe that bitcoin in the long term can only go up. Right now during the 6.5k to 11k are the whales who are controlling the movement by making panic sellers sell their bitcoin which is the worst anyone involved in bitcoin can do unless he has urgent need for the money for urgent matters.
I think bitcoin will go further and the price will be more than it is right now during the end of year and for many other years to come. I have come to this conclusion because bitcoin is the most convenient way to make a payment and as long as it is like this the future can only be bright.
We can expect this to happen when a lot of people that are in for the quick buck overnight scheme will abandon the community, I believe they are the Achilles Heel in the bitcoin ecosystem.
The reason why these whales are still getting their fill is that there's just a lot of people thinking that bitcoin is your regular money multiplier without any losses. Along the way, they'd realize that it doesn't work like that, and would end up selling whatever they have once the price takes a big hit in the face. There isn't any form of restriction in buying so these newbies can still buy as long as they're registered in an exchange, only for their coins to disappear once the panic wave hits.