Treasury Buyback Boost Sends Bitcoin Soaring Towards $100K Target

A Standard Chartered analyst, Geoff Kendrick, believes that Bitcoin's latest rebound towards $69,000 is linked to the US Treasury Department's plan to double its maximum buybacks for selected long-dated bonds. The increase in liquidity-support buybacks from $2 billion to at least $4 billion per operation is seen as a positive development for Bitcoin, which has risen more than 6% since the announcement.

Kendrick argues that government efforts to support market liquidity have historically favored fixed-supply assets like Bitcoin. He also points out that lower long-term yields can reduce pressure on risk assets, making it easier for investors to hold onto Bitcoin.

The analyst expects a sustained break above the key technical level of $65,500 to confirm that the cycle bottom is already in. If this happens, Kendrick believes that Bitcoin's price could move towards $100,000 by the end of 2026.