Maybe Elon is the trigger for the 30% drop over the last few days... but remember he didn't announce his initial holdings until mid-February 2021, which was after the 5x surge. If anything his timing was awful.
Everything in hindsight is pure speculation and rationalization. Nobody has a clue, markets are complex, volatile and full of irrational actors.
There is no doubt hedge funds are playing in this space with lots of money and skills to extract maximum value from the joe shmoes
People didn't cut nearly half a trillion dollars from the value of bitcoin on the word of a person known for blurting out impulsive and weird things. He didn't reveal any deep new insights into this thing. What Musk said just spooked the herd, that's all.
Shame it can't be calculated.
That said, I agree that bitcoin price is kind of a bubble, and something that is pumped and dumped by people with a lot of money to the detriment of those who saw it as a miracle savings investment (usually people with little financial education) or those who truly believed in it (I think those became a small % of the users a long time ago).