Standard Chartered Sees $100K Bitcoin as US Treasury Boosts Long-End Buys

Bitcoin’s next upside leg may be getting a tailwind from an unusual source: US Treasury’s plan to boost liquidity support for longer-dated government bonds. In a client note shared with Cointelegraph, Standard Chartered analyst Geoff Kendrick argued that policy efforts to ease stress in the “long end” of the Treasury market could align with Bitcoin’s own cycle timing to set up a run toward $100,000.

Kendrick pointed to a specific technical inflection level at $65,500. He also suggested that a break above that threshold would reinforce the idea that the market’s current cycle low may have already formed, positioning Bitcoin for a move that, in his view, could extend into year-end 2026.

Key takeaways

• Standard Chartered’s Geoff Kendrick flagged $65,500 as a key Bitcoin level; holding or breaking above it would be a technical confirmation for his cycle-low thesis.
• Long-dated Treasury liquidity support is set to expand, with buybacks for 10- to 30-year bonds increased to at least $4 billion per operation.
• Treasury’s Sept. 9 to Nov. 4 window is designed to stabilize yields after a bond selloff, easing pressure across broader financial markets.
• Bitcoin responded to the policy news, rising more than 6% to near $69,000 in US late-morning trading, according to CoinMarketCap.
• Kendrick framed the setup as the kind of liquidity intervention Bitcoin tends to benefit from, citing Bitcoin’s fixed supply and historical reaction to macro liquidity shifts.

Treasury’s longer-end buybacks and why they matter for risk assets

The policy catalyst Kendrick referenced came from a Wednesday announcement by the US Department of the Treasury. The department said it will at least double the maximum size of certain buyback operations that support liquidity in longer-dated government securities.

Specifically, Treasury plans to raise the maximum size of buybacks for 10- to 20-year and 20- to 30-year nominal coupon issues from $2 billion to at least $4 billion per operation. The expanded program is scheduled to run from Sept. 9 through Nov. 4, according to the Treasury announcement shared in the article.

In the hours following the announcement, long-dated Treasury yields fell sharply, which reportedly eased some of the market pressure that had built after a steep bond selloff. For Bitcoin and other risk-sensitive assets, lower yields can reduce the drag from tighter financial conditions—an effect that matters even when crypto’s fundamentals are largely separate from traditional finance.

The “$65,500” level and Kendrick’s cycle interpretation

Kendrick’s argument blends macro policy with a technical roadmap. In the note referenced by Cointelegraph, he identified $65,500 as Bitcoin’s key level to watch. The logic is straightforward: if Bitcoin breaks above and sustains that level, it would suggest—at least according to his framework—that the market has already put in its cycle low.

From there, Kendrick pointed to the possibility of a longer run higher. He urged investors to “position” for a potential advance toward $100,000 by year-end 2026. The call is not presented as a near-term guarantee, but as a scenario that could become more plausible if both the technical level and the broader liquidity conditions remain supportive.

Importantly, this kind of thesis is conditional. A break above $65,500 would be a validation event for Kendrick’s chart-based perspective; failing to hold that area could undermine the signal that the cycle bottom is already in place.

Bitcoin’s reaction: rising with the bond-market relief

Market behavior on Wednesday offered immediate confirmation of the narrative that Treasury action could be supportive for crypto risk appetite. The article states that Bitcoin surged by more than 6% to nearly $69,000 in US late-morning trading, the highest level since early June, citing CoinMarketCap.

While short-term price moves cannot confirm a multi-year target, they do illustrate how quickly Bitcoin can respond when long-dated yields ease. That linkage matters for traders, because it suggests that macro headlines—especially those that affect liquidity and discount rates—can move Bitcoin even when crypto-specific news is quiet.

The key question for investors is whether Treasury’s buyback program changes the market’s longer-term trajectory for yields, rather than just producing a one-day relief rally. Since the expanded operations are scheduled to run through Nov. 4, follow-through in rates and liquidity conditions will likely be a major factor behind whether the technical setup Kendrick highlighted can play out.

Liquidity interventions, fixed supply, and what to monitor next

Kendrick characterized the Treasury announcement as “exactly the type of thing Bitcoin loves.” His rationale, as presented in the note, rests on two themes: Bitcoin’s historical tendency to benefit from government liquidity interventions and the asset’s fixed supply, which he says makes it more resistant to monetary debasement than assets tied directly to changes in money supply or inflation expectations.

For readers, the practical takeaway is not whether one analyst is correct about a price target, but what signals to watch as the policy program unfolds. If long-dated Treasury yields remain subdued while liquidity conditions improve, Bitcoin may have more room to build momentum—particularly if it maintains levels around Kendrick’s $65,500 marker.

Next, traders and investors should monitor both the evolution of long-term Treasury yields throughout the Sept. 9 to Nov. 4 window and whether Bitcoin can sustain gains above the technical level highlighted in the note. The uncertainty is whether macro relief persists long enough to translate into durable trend changes—or whether crypto’s upside narrative fades if rates re-accelerate.