Journalists often attribute movements in the market to one factor, but in reality it's often multiple factors.

Musk had a big effect likely, because he signified mainstream adoption, and his and Tesla's buy in to Bitcoin was a huge whale move. But likely the reason he bought in was that it was very clearly about to pop off.

This minor correction is a very common occurrence after a huge movement upward, as people sell and even short their positions. The question is where is it headed from here. Could it possibly be headed higher? Or are we going to move sideways a bit? Or perhaps further down?