Bitcoin Could Hit $100K by Year-End Amid US Treasury Buyback Boost

Standard Chartered's Geoff Kendrick predicts Bitcoin could reach $100K by year-end as the US Treasury doubles down on long-end buybacks. The analyst points to a break above $65,500 as confirmation that the cycle low is already in.

Kendrick cites Wednesday's announcement from the Treasury Department, which will at least double the maximum size of certain liquidity-support buybacks for longer-dated government bonds. This move sent long-dated Treasury yields sharply lower, easing some pressure on financial markets.

Bitcoin has historically benefited from government liquidity interventions and its fixed supply makes it resistant to monetary debasement, according to Kendrick. Early signs appear to support his thesis, with Bitcoin surging over 6% to nearly $69,000 in Wednesday's late morning US trading.