20.07.202216:10 Forex Analysis & Reviews: Bitcoin at 500,000 in the next five years

Galaxy Digital CEO and billionaire Mike Novogratz claim that despite the ongoing crypto bear market, Bitcoin will still approach $500,000 over the next five years.

While many analysts debate whether the recent shift in sentiment in the crypto space is fleeting, there is growing optimism. And Novogratz predicts a $500,000 price for Bitcoin over the next five years.

Novogratz said during the Bloomberg Crypto Summit that it is a story about two things—adoption and global economics. And he believes there are still institutions that haven't gotten involved yet.

Novogratz also claims that a massive Bitcoin surge is coming.

It will all come down to the inability of central banks to get fiscal prudence back in order, Novogratz pointed out.

He noted that the ratio of debt to GDP exceeds 140%. It almost never ends without debt restructuring or hyperinflation. Inflation this year is 9%. And people get worked out when inflation is high.

As of this writing, Bitcoin is trading above $23,000, up 8% on the day and 16.3% on the week. Despite the rally, it is still down 66% from its record highs posted in November.

Other cryptocurrencies also posted strong rallies, with Ethereum up nearly 42% in a week, Solana up 35% in a week, Cardano up 18% in a week, and Polygon up 64% in a week.

The Ethereum surge coincided with some clarity about the upcoming merge.

And Bitcoin is starting to react positively to negative news, but technical chart signals remain cautious, according to analysts.