Bitcoin (BTC) rebounded toward $69,000 as Standard Chartered analyst Geoff Kendrick tied a possible run to $100,000 to expanded U.S. Treasury bond buybacks.
Key Points:
- Bitcoin rose more than 6% on Wednesday, moving above Kendrick’s key $65,500 technical level.
- The Treasury will at least double maximum buybacks for selected long-dated bonds from $2 billion to $4 billion per operation.
- Kendrick said the policy shift strengthens the case that Bitcoin’s cycle low may already be in.
Bitcoin Buybacks
The U.S. Treasury Department said Aug. 19 that it will increase liquidity-support buybacks for 10- to 20-year and 20- to 30-year nominal coupon securities. The maximum size will rise from $2 billion to at least $4 billion per operation from Sept. 9 through Nov. 4, according to the department. Kendrick’s client note, shared with Cointelegraph, linked that expansion to Bitcoin’s latest rebound.
Long-dated Treasury yields fell after the announcement, easing some pressure that had built across financial markets during the bond selloff. Bitcoin climbed more than 6% and traded near $69,000 in late-morning U.S. trading, its highest level since early June.
Kendrick identified $65,500 as the main technical level for Bitcoin and said a sustained break above it could confirm that the cycle bottom is already in. He said investors should position for a move toward $100,000 by the end of 2026.
Also Read: Bitcoin Flashes 8 Of 12 Bottom Signals, But History Says Wait
Kendrick Outlook
Kendrick described the Treasury announcement as “exactly the type of thing Bitcoin loves,” arguing that government efforts to support market liquidity have historically favored the fixed-supply asset. He also said Bitcoin’s four-year cycle points toward an imminent low, adding another part to his bullish case.
The argument rests on easier financial conditions rather than the Treasury directly supporting crypto markets.
Lower long-term yields can reduce pressure on risk assets, while Bitcoin’s fixed supply gives investors a separate reason to view liquidity interventions as supportive.
Kendrick’s outlook has shifted several times during 2026 as Bitcoin moved through a deep correction. In February, he expected a possible drop toward $50,000, while in June he said a low near $59,000 had likely ended the crypto winter.
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