Wait for an element to be present or return false

It is possible to wait until an element is present on a page with browser.wait(EC.presenceOf(element(by.id("button"))), 5000, "button not found")

This will throw an error when the element is not found on the page. I do not want this function to throw an error, instead it should return false if the element is not found after 5 seconds.

How can I achieve this?