With bitcoin recovering to around $69,000, Standard Chartered raised the possibility it could climb to $100,000 by year-end.

On Aug. 19 (local time), blockchain media outlet Cointelegraph reported that Standard Chartered analyst Geoffrey Kendrick (제프 켄드릭) expects an expansion of U.S. Treasury buybacks of long-term government bonds to improve market liquidity and support bitcoin's upward trend.

Kendrick cited $65,500 as a key bitcoin price level. He said that if bitcoin stays above that level, it could be seen as a signal that the cycle low has already been formed. He added that investors should prepare for a move higher toward $100,000 by the end of 2026.

Behind that outlook is an expansion of U.S. Treasury liquidity support for long-term bonds. The Treasury decided to sharply increase the size of its liquidity-support buybacks for 10 to 20-year and 20 to 30-year nominal coupon securities to more than $4 billion per operation from around $2 billion. The expanded buyback programme is scheduled to run from Sept. 9 to Nov. 4.

U.S. long-term Treasury yields fell sharply immediately after the announcement. That eased some of the strain that had weighed on the broader financial markets after a steep bond selloff.

Kendrick assessed that the step could create a favourable environment for bitcoin. He said that if increased Treasury buybacks raise liquidity in the long-term bond market and ease upward pressure on yields, appetite for risk assets could return. He also said bitcoin has tended to show strength when the government supplies liquidity, and its limited supply could lead it to be seen as a hedge against the risk of currency value dilution.

The market also reacted immediately. Bitcoin recovered to around $69,000, rising to its highest level since early June. Expectations of improved liquidity conditions, combined with views that the cycle low in the four-year cycle is nearing, are also reviving expectations for a shift to a bull market. With bitcoin responding sensitively to changes in rates and liquidity, the future path of U.S. long-term Treasury yields is expected to act as a key variable.

As a result, market attention is expected to focus on whether bitcoin can settle above $65,500 and how much the Treasury's expanded buybacks will actually ease the burden of long-term yields. If both conditions align, Kendrick's $100,000 year-end outlook is also likely to gain further support.