$500,000 Bitcoin Still Possible By 2027 – Mike Novogratz

Summary:

• Bitcoin proponent Mike Novogratz reaffirmed his infamous “$500K successful 5 years” prediction during the Bloomberg Crypto Summit.
• Novogratz made akin remarks backmost successful March a fewer weeks earlier the markets tanked.
• Since his March comments, Bitcoin has fallen beneath $20,000 and bounced backmost supra the aforesaid level.
• The starring cryptocurrency is successful a rally of sorts astatine property time.
• Other crypto pumps are besides successful play arsenic Ethereum supposedly led a broad-based alleviation successful the crypto market.
• ETH’s terms surge could beryllium owed to quality surrounding The Merge, Ethereum’s modulation to proof-of-stake.
• Novogratz besides antecedently warned that altcoins could dump further and that crypto hedge funds mightiness spell under. 

Galaxy Digital CEO and fashionable Bitcoin proponent Mike Novogratz said connected Tuesday that it remains imaginable for BTC to deed a $500,000 marketplace terms successful the adjacent 5 years arsenic the cryptocurrency markets flash green. 

Novogratz opined the 2027 timeline during the Bloomberg Crypto Summit which kicked disconnected contiguous successful New York.

The remarks travel during a alleviation rally successful the broader cryptocurrency market, supposedly triggered by Ethereum’s upcoming modulation to proof-of-stake. ETH’s upgrade is known passim the crypto abstraction arsenic “The Merge”.

Also, Mike Novogratz’s latest terms prediction mentions 2027, 2 years further than antecedently predicted. Rising U.S. ostentation and different macro factors could beryllium down a propulsion successful the timeline for a $500,000 BTC marketplace price.

At property time, Bitcoin is up implicit 12% successful the past 7 7 days and trades hands supra $22,000, per information from CoinMarketCap. Although the starring coin is presently green, BTC is inactive implicit 50% distant from its all-time precocious of $68,000.

Bitcoin (BTC) Daily Chart (Source: TradingView)

Ethereum is besides successful gains and reaffirmed its presumption arsenic a marketplace person up of The Merge event. ETH is implicit 40% up successful the past week and is supra $1,500 astatine property time.

Mike Novogratz On Bitcoin, Altcoin, And Crypto Hedge Funds 

Novogratz’s BTC comments during today’s lawsuit echoed erstwhile rhetoric from the Galaxy Digital chief. Back successful March, Novogratz said a $500,000 Bitcoin could happen by 2025. The existent marketplace downturn could beryllium down an hold to 2027 successful his latest terms prediction.

The crypto proponent besides antecedently shared thoughts connected altcoin and surmised that specified tokens could dump further arsenic overmuch arsenic 70% earlier seeing recovery. Altcoins are alternate crypto tokens to BTC specified arsenic Ethereum (ETH), Solana (SOL), and Avalanche (AVAX).

66% of crypto hedge funds volition spell retired of concern said Novogratz successful June. At property time, Three Arrows Capital, a crypto hedge money co-founded by Su Zhu and Kyle Davies has filed for section 11 bankruptcy and is presently facing liquidation.