Mr Musk shared the meme with the caption: “#Bitcoin” and an emoji depicting a broken heart.
Bitcoin tanked from this week’s price high of $39,000 to a little under $36,000 in a matter of hours afterwards.
Ethereum and Dogecoin also took a dive as a result of Mr Musk’s musings.
Ethereum dropped from $2,866 to $2,566 in a similar pattern to its main rival, Bitcoin, with the popular coins mimicking each other in price drops and surges.
Similarly, Dogecoin’s price followed suit with drops and surges but had more volatile reactions.
The recent price drop follows a warning from a prominent cryptocurrency trader who predicted the world’s most popular virtual coin could be plunging towards a “death cross”.
Crypto trading and analyst company, Rekt Capital, said the economic death knell event could occur by the middle of this month unless Bitcoin’s price increases soon.
“The Death Cross occurs with some lag. So by the time it happens – a lot of downside will have already happened.”
Now looking at current data, they said: “BTC is potentially on the cusp of a new Death Cross soon.
“If BTC doesn’t increase in its price soon and the EMAs [exponential moving averages] continue at the same current pace…The Death Cross could happen sooner in mid-June 2021.”