Three Arrows Capital co-founder and CEO Su Zhu have taken to Twitter to reveal his awfully exact Bitcoin price target of $88,888. The Credit-Suisse-trader-turned-crypto-billionaire claims that the flagship cryptocurrency will be able to hit the aforementioned goal in lower than two months from now.
This comes after fellow co-founder Kyle Davies tweeted that Bitcoin looked like it wanted to “supercycle” right through all-time highs.
On Aug. 21, Bitcoin hit a three-month high of $49,830 on the Bitstamp exchange, with bulls now again within the driver’s seat.
Alternative.me’s “Crypto Concern & Greed Index” is now at 78 after entering the “extreme greed” territory.
Still, the index remains to be far from its peak level of 95 that was reached in February.
A long-term target
Relating to long-term price predictions, Zhu mentioned that Bitcoin hitting $2.5 million can be “definitely attainable” sooner or later if it were to chip away at gold’s market share as the main store of worth throughout an interview with UpOnly in late February:
So then you’re already halfway there to $100 trillion and that will get you to $2.5 million per BTC and I think that that’s definitely possible.
Zhu started Three Arrows Capital with Davies, his former high school classmate, at their apartment all the way in which again in 2012. After initially working with rising markets, the hedge fund switched its focus to crypto and turned its founders into billionaires.
Three Arrows Capital has invested in Bitcoin, Ethereum, Dogecoin, Avalanche in addition to a slew of DeFi protocols (Aave, Balancer, SushiSwap among others) and cryptocurrency firms such (BlockFi, Deribit among others).
In May, Davies told Bloomberg that Ethereum, the flagship altcoin, is the agency’s largest cryptocurrency holding.