It caused by the various reason. The announcement that created by elon already triggered the bitcoin market to turns into the bearish trend. it looks like the correction is still happening after we have reached the double top.
There are lots of myths on the crypto community about what reason that was causing the drop on the bitcoin price.
Crypto is dropping due to the bitcoin. it will pump again for sure after the bearish trend will be ended. I would not say if this could be the end for bullish trend for crypto
What if tesla will sell all of their bitcoin holdings and choose another coin to set as their new asset. I'm not sure if how much btc they are holding but for sure there is a huge effect in terms of volume and market price of btc and for me it is possible to happen especially that Elon Musk is very unpredictable when it comes to his decisions.