Standard Chartered analyst Geoff Kendrick predicted that Bitcoin could rise to $100,000 by the end of 2026. According to Kendrick, the most important technical level to watch in the short term for Bitcoin is $65,500.
Kendrick stated that a rise above the $65,500 level is an important signal that the bottom of the current market cycle has been passed.
Kendrick said: "Investors should now be targeting a scenario where Bitcoin reaches the $100,000 mark by the end of 2026."
Kendrick, who based his optimistic Bitcoin forecast not only on the dynamics of the cryptocurrency market's four-year cycle, also drew attention to recent measures by the U.S. Treasury Department to ensure liquidity in the bond market.
The U.S. Treasury Department announced that it would at least double the maximum size of liquidity-providing bond buyback operations for certain long-term Treasury bonds. Accordingly, the maximum size of a single buyback operation for 10-20-year and 20-30-year Treasury bonds with face value will be increased from $2 billion to at least $4 billion.
The expansion is planned to take place from September 9 to November 4.
"This development is very favorable for Bitcoin."
Following this announcement, the yield on long-term U.S. Treasury bonds decreased significantly. This move helped alleviate the pressure that recent bond market sell-offs had been exerting on global financial markets.
Kendrick assessed the U.S. Treasury Department's move positively for Bitcoin. The analyst called this move "exactly the type of development that Bitcoin likes," recalling that Bitcoin has already benefited from past instances when authorities provided liquidity to markets.
*This is not investment advice.
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