Standard Chartered Bullish on Bitcoin Reaching $100,000 by Year-End: U.S. Treasury's Expanded Bond Buyback Program Could Be a Key Catalyst

Odaily News: Geoff Kendrick, Head of Digital Assets Research at Standard Chartered Bank, 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. If the price breaks through this level, it could signal that the low point of the current market cycle has already formed. He advised investors to begin positioning for a Bitcoin rally to $100,000 by year-end. Kendrick added that besides the four-year cycle pattern suggesting the market may be nearing a bottom, the U.S. Treasury's recent announcement to expand its long-term bond buyback program is also a significant catalyst.

The Treasury plans to increase the maximum size of its buyback operations for 10- to 20-year and 20- to 30-year bonds from $2 billion per operation to at least $4 billion, with the expanded program set to run from September 9 to November 4. Following the announcement, long-term Treasury yields fell notably, easing pressure on financial markets caused by the recent sharp sell-off in the bond market.

Kendrick believes the Treasury's expanded bond buybacks represent an "environment Bitcoin loves," as Bitcoin has previously benefited multiple times from government liquidity intervention, while its fixed supply mechanism gives it properties that hedge against currency debasement. In the market, Bitcoin rose over 6% on Wednesday, approaching $69,000, reaching its highest level since early June. Kendrick has repeatedly expressed optimism about Bitcoin's long-term trajectory, arguing that as global fiscal pressures increase and monetary policy trends toward easing, Bitcoin could enter a new long-term uptrend. (Cointelegraph)