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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 Bitcoin rising above the $65,500 level is a significant signal that the bottom of the current market cycle has been passed.
Kendrick stated, “Investors should now position themselves according to the scenario that Bitcoin will reach $100,000 by the end of 2026.”
Kendrick, who based his optimistic outlook for Bitcoin not solely on the four-year cycle dynamics in the cryptocurrency market, also drew attention to the US Treasury Department’s recent liquidity measures for the bond market.
The US Treasury Department announced it will at least double the maximum size of liquidity-backed repurchase operations for certain long-term Treasury bonds. Accordingly, the maximum size of a single repurchase operation for 10-20 year and 20-30 year Treasury bonds with a nominal value will be increased from $2 billion to at least $4 billion.
The expansion is scheduled to take place between September 9 and November 4.
“A Development That Bitcoin Loves”
Following the announcement, yields on long-term US Treasury bonds fell significantly. This move helped ease some of the pressure that recent bond market sell-offs had put on global financial markets.
Kendrick viewed the US Treasury Department’s move positively for Bitcoin. The analyst described the step as “exactly the kind of development Bitcoin loves,” recalling that Bitcoin has benefited positively from past instances where public authorities provided liquidity to the markets.
*This is not investment advice.
Source: cryptonews.net