Treasury Bond Buybacks Fuel Bitcoin's Surge to $69K

Bitcoin's price surged past $69,000 on Wednesday after Standard Chartered analyst Geoff Kendrick tied the recent rebound to expanded U.S. Treasury bond buybacks.

The Treasury announced that it will at least double maximum buybacks for selected long-dated bonds from $2 billion to $4 billion per operation, effective September 9 through November 4.

Kendrick said this policy shift strengthens the case that Bitcoin's cycle low may already be in. He argued that government efforts to support market liquidity have historically favored fixed-supply assets like Bitcoin.

The analyst identified $65,500 as a key technical level for Bitcoin and believes that a sustained break above it could confirm that the cycle bottom is already in. Kendrick also predicted that investors should position themselves for a move toward $100,000 by the end of 2026.