Crypto analysts remain divided over the short and medium-term direction of the market, though major investors like MicroStrategy continue to “buy the dip”.
He then ordered the country’s state-run geothermal energy utility to use power from volcanoes for bitcoin mining.
PlanB updated his model in March 2020, when bitcoin was below $5,000, with the new peak set at $288,000.
Any major movements in either direction are often followed by significant corrections in the crypto market, so this is not so unusual.
Markus sold or spent his original holdings soon after creating the cryptocurrency alongside fellow software developer Jackson Palmer back in 2013.