Standard Chartered Bullish on Bitcoin Hitting $100K by Year-End: U.S. Treasury's Expanded Bond Buybacks Could Be 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 cyclical low for this market cycle has been formed. He advised investors to begin positioning for a Bitcoin rally to $100,000 by year-end. Kendrick stated that besides the four-year cycle pattern suggesting the market may be nearing a bottom, the U.S. Treasury's recent announcement to expand long-term bond buyback operations 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 Treasuries from $2 billion per operation to at least $4 billion, with the expansion scheduled to be implemented from September 9 to November 4. Following the announcement, long-term Treasury yields notably declined, easing pressure on financial markets caused by the previous massive bond sell-off.

Kendrick believes that the Treasury's expanded bond buybacks represent "Bitcoin's favorite environment," as Bitcoin has repeatedly benefited from government liquidity interventions, while its fixed supply mechanism positions it as a hedge against currency debasement. In the market, Bitcoin rose more than 6% on Wednesday, briefly approaching $69,000, marking its highest level since early June. Kendrick has been consistently bullish on Bitcoin's long-term trajectory, arguing that as global fiscal pressures mount and monetary policy trends toward easing, Bitcoin could enter a new long-term uptrend. (Cointelegraph)