Su Zhu, co-founder and CEO of Three Arrows Capital, took to Twitter to reveal his incredibly precise Bitcoin price target of $88,888. According to the Credit Suisse trader-turned-crypto-billionaire, the flagship cryptocurrency will be able to reach the aforementioned target in less than two months.
88888$BTC— Zhu Su 🔺 (@zhusu) August 22, 2021
This comes after another co-founder, Kyle Davies, tweeted that Bitcoin appeared to want to “supercycle” through all-time highs.
#Bitcoin looks like it wants to supercycle right through ATH’s— Kyle Davies (@kyled116) August 20, 2021
Greed to the extreme
On August 21, Bitcoin reached a three-month high of $49,830 on the Bitstamp exchange, putting bulls back in control.
The “Crypto Fear & Greed Index” at Alternative.me is now at 78, having crossed into “extreme greed” territory.
Nonetheless, the index is still well below its peak of 95 reached in February.
Bitcoin Fear and Greed Index is 78 — Extreme Greed pic.twitter.com/RTjD5Lc5iy— Bitcoin Fear and Greed Index (@BitcoinFear) August 22, 2021
A long-term goal
When it comes to long-term price predictions, Zhu stated in a late February interview with UpOnly that Bitcoin reaching $2.5 million would be “definitely possible” in the future if it were to chip away at gold’s market share as the leading store of value:
So you’re already halfway to $100 trillion, and that will get you to $2.5 million per BTC, which I believe is definitely possible.
Zhu co-founded Three Arrows Capital with Davies, a former high school classmate, in their apartment in 2012. After initially focusing on emerging markets, the hedge fund shifted its focus to cryptocurrency, making its founders billionaires.
Three Arrows Capital has made investments in Bitcoin, Ethereum, Dogecoin, and Avalanche, as well as a slew of DeFi protocols (Aave, Balancer, and SushiSwap, among others) and cryptocurrency companies (BlockFi, Deribit among others).
Davies told Bloomberg in May that Ethereum, the company’s flagship altcoin, is its largest cryptocurrency holding.