Standard Chartered Analyst Sees Bitcoin Hitting $100K as Treasury Expands Bond Buybacks

Standard Chartered analyst Geoff Kendrick says Bitcoin could climb toward $100,000 by the end of the year, as the US Treasury steps up efforts to stabilize long-term bond markets amid rising interest rates. In a client note, Kendrick identified $65,500 as a key technical level for Bitcoin, suggesting a break above that mark could confirm the current market cycle has already bottomed out.

Treasury Doubles Bond Buyback Size

Kendrick’s bullish outlook is tied partly to Wednesday’s announcement from the Treasury Department, which said it would at least double the size of buyback operations targeting longer-dated government bonds. The maximum size per operation for 10- to 20-year and 20- to 30-year securities will rise from $2 billion to at least $4 billion, with the expanded program running from September 9 through November 4.

Bond Yields Fall, Easing Market Pressure

Following the announcement, long-dated Treasury yields dropped sharply, offering relief after a recent steep selloff in bonds that had rattled broader financial markets.

Bitcoin Reacts Positively to Liquidity Signal

Kendrick described the Treasury’s move as the kind of liquidity support that historically benefits Bitcoin, given its fixed supply and tendency to gain when governments intervene to ease monetary conditions. Bitcoin responded quickly, jumping more than 6% to trade near $69,000 during Wednesday’s late morning session, its highest level since early June.