By CoinAINews Staff
Bitcoin could be poised for a run toward $100,000 by
year-end as the U.S. Treasury ramps up support for the long end of the
government bond market, according to Standard Chartered analyst Geoff Kendrick.
In a client note shared with Cointelegraph, Kendrick said
Bitcoin's key technical level to watch is $65,500, with a sustained
break above that threshold potentially confirming that the cycle low is already
in place.
"Investors should now be positioning for a move to
$100,000 by year-end 2026." — Geoff Kendrick, Standard Chartered
The Treasury Move That Has Bitcoin's Attention
Kendrick's call is tied to a specific policy catalyst. On
Wednesday, the Treasury Department announced that it would increase the maximum
size of certain long-dated bond buyback operations from $2 billion to
at least $4 billion per operation. The expanded program is scheduled to run
from Sept. 9 through Nov. 4.
The move is designed to improve liquidity and reduce stress
in longer-dated Treasuries after a steep bond selloff sent yields surging.
Following the announcement, long-term Treasury yields fell sharply, easing
pressure across financial markets.
Why Kendrick Sees This as Bullish for Bitcoin
Kendrick described the Treasury's action as "exactly
the type of thing Bitcoin loves."
His reasoning rests on two factors:
- Historical
precedent: Bitcoin has historically tended to benefit from
government liquidity interventions, according to Kendrick.
- Fixed
supply: Bitcoin's capped supply makes it resistant to monetary
debasement—when liquidity expands, the argument goes, fixed-supply assets
tend to hold value better.
Kendrick also pointed to Bitcoin's four-year cycle dynamics,
which he says point to an imminent market low.
The Key Level to Watch: $65,500
Kendrick identified $65,500 as the critical
technical level for Bitcoin right now.
"If Bitcoin breaks above and sustains that level, it
would suggest the cycle low is already in."
From there, Kendrick believes Bitcoin could run toward $100,000
by year-end 2026.
Importantly, this is a conditional thesis, not a
guarantee. A break above $65,500 would be a validation event for Kendrick's
perspective; failing to hold that area could undermine the signal that the
cycle bottom is already in place.
Market Reaction
Early signs appeared to support Kendrick's thesis, with
Bitcoin surging more than 6% in U.S. late-morning trading following the
announcement, climbing to nearly $69,000—its highest level since
early June.
Bitcoin's move toward the $69,000 area highlights the
market's immediate reaction to the Treasury announcement, although the move
does not confirm Kendrick's year-end target.
The Bottom Line
Standard Chartered analyst Geoff Kendrick sees a potential
path for Bitcoin to reach $100,000 by year-end 2026. The catalyst? An unusual
one—the U.S. Treasury expanding liquidity-support buybacks for longer-dated
government bonds.
Kendrick's argument is that government liquidity
interventions historically benefit fixed-supply assets like Bitcoin. Whether
Bitcoin actually hits $100,000 depends on continued support from both technical
and macro conditions. But for now, the bank's top digital assets analyst says
investors should be positioning for that scenario.
This article is for informational purposes only and does
not constitute investment advice. Cryptocurrency markets are volatile, and past
performance does not guarantee future results. Analyst predictions are not
guarantees.
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