At the Bloomberg Crypto Summit, Galaxy Investment Partners CEO Mike Novogratz stated he still believes Bitcoin (CRYPTO: BTC) will reach $500,000 within five years.
What Happened: Novogratz is a fierce Bitcoin proponent, having previously announced his bullish outlook on cryptocurrencies. At the Bloomberg Crypto Summit, Novogratz reaffirmed his bullish support, stating he sees Bitcoin reaching the price levels of over $500,000 by 2027.
The cryptocurrency market has been on a bearish downtrend for the past few months. After Bitcoin had almost hit $69,000 in November 2021, the state of the global economy began to worsen as a result of the large-scale money supply printed, following the onset of the COVID-19 pandemic. Hyperinflation and numerous internal problems within the crypto space, such as Terra’s (CRYPTO: LUNA) de-peg, caused crypto markets to tumble and fall hugely from all-time highs.
As turbulent market conditions continue, uncertainty looms over the cryptocurrency sector.
BTC Price Action: Bitcoin is up 6.83% at $23,406.10 Tuesday afternoon at publication. The crypto's 52-week high was $68,789.63 on Nov. 10, 2021.
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