Galaxy Digital CEO, Mike Novogratz, has given reassurance that Bitcoin's price will recover and resume its upward trajectory following a recent market crash.

Novogratz shared his thoughts on the matter, expressing hope that the ongoing conflict between Israel and Hamas will not escalate further, as such an event could have a significant impact on Bitcoin's price.

The CEO also mentioned that Bitcoin is expected to experience a surge in the near future, thanks to the upcoming halving event, which could potentially trigger a bull run in the asset and the broader market.

Investors have already started hoarding Bitcoin-related assets in anticipation of this event through the BTC leveraged ETF.

Moreover, nations like Hong Kong are preparing to approve spot Bitcoin ETFs, indicating a growing acceptance of the flagship cryptocurrency.

If this approval is granted, it could lead to a reversal of Bitcoin's bearish trend and potentially push its price to new heights.

The recent market turmoil has been attributed to the ongoing conflict between Israel and Hamas, which has negatively impacted the prices of various cryptocurrencies, including Bitcoin, Ethereum, BNB, and Solana.

Despite the recent drop in Bitcoin's price to $62,000, the CEO remains optimistic about its future prospects.

The recent decline in Bitcoin's price was recorded when the Israeli military announced that Iran had attacked the country by launching "dozens" of drones.