Standard Chartered analyst eyes $100K BTC as US Treasury doubles long-end buybacks
Bitcoin’s rebound toward $69,000 is gaining momentum as Geoff Kendrick points to improving liquidity conditions and a potential cycle bottom.
Standard Chartered analyst Geoff Kendrick sees Bitcoin reaching $100,000 by year-end, buoyed by improving liquidity conditions and a potential cycle bottom. The US Treasury is doubling support for the long end of the government bond market, aiming to curb surging interest rates, Kendrick notes in a recent client note. Bitcoin's key technical level is $65,500, with a break above that level potentially confirming the cycle low.
Kendrick points to the Treasury's announcement of doubling the maximum size of buyback operations for longer-dated government bonds, increasing the maximum size from $2 billion to at least $4 billion per operation. This move, Kendrick believes, will benefit Bitcoin, given its historical tendency to thrive under government liquidity interventions and its fixed supply.
Bitcoin's price surged over 6% to nearly $69,000 in late morning US trading on Wednesday, its highest level since early June.
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