Standard Chartered Bullish on Bitcoin Hitting $100,000 by Year-End: Expanded U.S. Treasury Buybacks Could Be a Key Catalyst

Odaily Planet Daily News StanChart's Head of Digital Asset Research, Geoff Kendrick, stated that Bitcoin (BTC) could rise to $100,000 by the end of 2026 as the U.S. Treasury expands liquidity support for the long-term bond market.

In a recent report to clients, Kendrick noted that Bitcoin's current key technical resistance level is $65,500. A break above this level could signal that the cyclical low for this market cycle has been formed. He suggested that investors begin positioning for a Bitcoin rally to $100,000 by the end of the year. Kendrick stated that in addition to Bitcoin's four-year cycle pattern indicating the market may be nearing a bottom, the U.S. Treasury's recent announcement to expand the scale of long-term bond buybacks is also a significant catalyst.

The U.S. Treasury plans to raise the cap on buyback operations for 10- to 20-year and 20- to 30-year bonds from the previous $2 billion per operation to at least $4 billion. This expanded program is scheduled to be implemented between September 9 and November 4. Following the announcement, yields on long-term U.S. Treasuries declined noticeably, alleviating the pressure that a sharp bond market sell-off had placed on financial markets.

Kendrick believes that the Treasury's expanded bond buybacks represent an environment that Bitcoin "loves the most," as Bitcoin has repeatedly benefited from government liquidity interventions in the past, while its fixed supply mechanism gives it properties that hedge against currency debasement. In the market, Bitcoin rose more than 6% on Wednesday, briefly approaching $69,000, reaching its highest level since early June. Kendrick has previously been bullish on Bitcoin's long-term trajectory, arguing that with increasing global fiscal pressures and a shift toward looser monetary policy, Bitcoin could enter a new long-term uptrend cycle. (Cointelegraph)