Standard Chartered sees BTC reaching $100K by year-end on increased Treasury bond buying

Bitcoin could rise to $100,000 by year-end as the U.S. Treasury expands purchases in the long-term bond market to curb surging Treasury yields, Standard Chartered analyst Geoff Kendrick said in a note to clients, Cointelegraph reported. Kendrick said a break above Bitcoin’s key resistance level of $65,500 could signal that this cycle’s low is already in place, and investors should now prepare for a move toward $100,000 by year-end. He added that larger U.S. Treasury purchases of long-dated bonds are the kind of government intervention Bitcoin favors, as the cryptocurrency’s fixed supply can serve as a hedge against currency debasement.