Treasury's 'Not-QE' Move Sends Bitcoin Soaring Toward $79,000

The US Treasury's decision to double certain long-dated bond buybacks has sent Bitcoin prices soaring, with the cryptocurrency jumping over 23% toward $79,000.

Standard Chartered analyst Geoff Kendrick believes that this move could lead to a price target of $100,000 for BTC by year-end. He cites the fixed supply of Bitcoin and its resistance to monetary debasement as reasons why it tends to benefit from government liquidity interventions.

Kendrick notes that the key technical level for BTC is $65,500, breaking above which could confirm that the cycle low is in.