What's been driving the price of Bitcoin? A redditors opinion.

I thought I'd make my first post to bring people's attention to an article I discovered on Reddit this morning. I found it to be incredibly informative, and while I don't consider myself to be a crypto expert by any stretch of the imagination, I thought it contained insight that we could all benefit from.

This post is basically a TLDR version of the original Reddit post, though I encourage everyone to go to the link at the bottom to read it in full themselves (It really isn't that long).

Something I had always assumed about the price of a crypto (or any other commodity for that matter) was primarily driven by the amount of money invested in the thing, but it turns out that may not be the case at all. There is a very real possibility that price is being driven by nothing other than perception.

People will buy and sell for all kinds of reasons, but largely it seems for many these reasons are based on opinion rather than fact. When we hear in the media that the price of Bitcoin is on the rise, that certain countries are supporting the technology, that big companies are now investing in the technology, etc. it can create positive interest from buyers wishing to invest. This can encourage sellers to raise the price (even before anything has been sold), as they see their Bitcoin to be worth more than it is being currently valued.
On the other hand, should we hear things in the media about how Bitcoin is dropping in value, that countries are banning Bitcoin and closing down exchanges, how people are being scammed, etc., this can cause the opposite effect. Buyers become more reluctant to invest and sellers begin to panic, thinking their Bitcoin to be overvalued they lower the sell price in a desperate attempt to offload what they have. Again, no actual money needs to have gone on or gone out at this point, this is all based off public opinion.

Whenever I've personally noticed the prices of crypto fluctuating, it's always been around times the media have pushed stories that aren't even necessarily true. Is this due to incompetence, or by done by design? Does the media have a vested interest in attempting to control the market? Who controls the media? What interests could they have?
Food for thought.

https://www.reddit.com/r/CryptoCurrency/comments/7vga1y/i_will_tell_you_exactly_what_is_going_on_here/