Standard Chartered’s head of digital assets research, Geoff Kendrick, has reaffirmed his bullish outlook for Bitcoin, projecting a run toward $100,000 by year-end. This optimism is fueled by a technical rebound toward the $69,000 mark, supported by a significant shift in U.S. fiscal policy. The U.S. Treasury recently announced it would double its buyback program for long-dated securities, a move interpreted as a 'stealth' liquidity injection that benefits high-beta assets.
The macro-economic backdrop is shifting as the U.S. government seeks to stabilize the bond market. By buying back long-end debt, the Treasury is effectively easing financial conditions independently of the Federal Reserve's rate decisions. This maneuver provides a major tailwind for risk assets, particularly as the market prices in a local cycle bottom and looks toward potential regulatory tailwinds following the upcoming U.S. presidential elections.
For traders, the immediate focus remains on Bitcoin’s ability to flip the $69,000 resistance level into firm support. Kendrick suggests that the worst of the recent consolidation is over, paving the way for a sustained uptrend. Investors should monitor the U.S. Treasury's quarterly refunding announcements and M2 money supply growth, as these liquidity levers will be the primary drivers for a potential push toward six figures in the coming months.