Treasury Buyback Boost Sends Bitcoin Toward $69K and $100K
Bitcoin's price surged more than 6% on Wednesday, breaking above $65,500 and nearing $69,000 for the first time since early June. This rebound is attributed to the U.S. Treasury Department's decision to increase liquidity-support buybacks for long-dated bonds.
The maximum size of these buybacks will rise from $2 billion to at least $4 billion per operation from September 9 through November 4. Standard Chartered analyst Geoff Kendrick sees this policy shift as strengthening the case that Bitcoin's cycle low may already be in.
Kendrick notes that government efforts to support market liquidity have historically favored fixed-supply assets like Bitcoin, and lower long-term yields can reduce pressure on risk assets. He believes a sustained break above $65,500 could confirm that the cycle bottom is already in, setting the stage for a move toward $100,000 by the end of 2026.