This is only speculation, but there is no definitive evidence to back this up. In fact, there is also research showing just the opposite. Part of the problem is that the researchers are trying to tie the presence of something with a cause, which is not always the case. In addition, they are forgetting other important aspects such as how neurotransmitters interact and the fact that receptors must also work properly for the neurotransmitters to function in a proper way.
They really focus on bipolar depression in this case.In this case though what was found was that high acetylcholine combined with low norepinephrine and low GABA are associated with the depression in bipolar. The mania was associated with low acetylcholine and high norepinephrine. On the other hand low norepinephrine also leads to depression.Furthermore, bipolar patients were also found to have a higher sensitivity to both acetylcholine and norepinephrine. Therefore, for the researchers to assume that all people will respond to higher acetylcholine levels in the same manner is simply bad science.