Three Arrows Capital’s (3AC) co-founder Kyle Davies has come forward with an astoundingly optimistic view about the future of Bitcoin, suggesting that it could reach an all-time high. This bold claim is interpreted as a sign of a revival for the Singapore-based crypto hedge fund which was liquidated by court order in 2022.
Davies boldly declared the return of a ‘super cycle’ representing unique growth and increasing investor enthusiasm in the crypto market. The last super cycle emerged two years ago when Bitcoin soared to $69,000.
It is indicated that Bitcoin is particularly on the cusp of a new super cycle that could surpass previous peaks. However, with the market maintaining its uncertainty, Bitcoin is trading at the $41,800 level, which is 65% below the previous all-time high.
There are doubts about whether Bitcoin will experience a significant loss of value in the short term, but since the beginning of 2023, a notable increase of 171% in BTC‘s value has been observed. This adds an additional layer of complexity to the current market dynamics.
While these mixed views on Bitcoin’s potential journey to an all-time high are causing the crypto space to overflow with activity and discussions, it is also suggested that a downward correction for BTC is possible as market expectations rise. For example, analyst Capo points to a potential drop to $38,000 for BTC.