Standard Chartered Bullish on Bitcoin Hitting $100,000 by Year-End: US Treasury Expanding Treasury Buybacks Could Be a Key Catalyst

Odaily News: Geoff Kendrick, Head of Digital Assets Research at Standard Chartered, stated that as the US Treasury expands liquidity support for the long-term Treasury bond market, Bitcoin (BTC) could rise to $100,000 by the end of 2026.

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 cycle's low has formed. He suggested investors begin positioning for a rally to $100,000 by year-end. Kendrick stated that beyond the four-year cycle pattern indicating the market may be nearing a bottom, the US Treasury's recent announcement to expand its long-term Treasury buyback program is also a key catalyst.

The US Treasury plans to raise the maximum size of buyback operations for 10- to 20-year and 20- to 30-year Treasury bonds from $2 billion per operation to at least $4 billion, with the expanded program to be implemented from September 9 to November 4. Following the announcement, yields on long-term US Treasuries fell noticeably, easing the pressure that a major bond sell-off had previously placed on financial markets.

Kendrick believes that the Treasury's expanded bond buybacks represent a "favorable environment for Bitcoin," as Bitcoin has repeatedly benefited from government liquidity interventions in the past, while its fixed supply mechanism gives it attributes that hedge against currency depreciation. In the market, Bitcoin rose more than 6% on Wednesday, approaching $69,000 at one point, reaching its highest level since early June. Kendrick has repeatedly expressed optimism about Bitcoin's long-term trajectory, stating that with increasing global fiscal pressures and a shift toward looser monetary policy, Bitcoin may enter a new long-term uptrend. (Cointelegraph)