Standard Chartered Says Bitcoin May Reach $100,000 by Year-End on Expanded US Long-Bond Buying
Summary
- Standard Chartered's head of digital assets research said Bitcoin (BTC) could reach $100,000 by the end of the year.
- He said a break above Bitcoin's key resistance level of $65,500 could signal the low for this cycle.
- He also said expanded U.S. Treasury purchases of long-term bonds could support Bitcoin, which can serve as a hedge against currency debasement.
Forecast Trend Report by Period
Bitcoin could reach $100,000 by the end of the year as expanded purchases of long-term U.S. Treasuries provide support, Cointelegraph reported on Aug. 19.
Geoff Kendrick, Standard Chartered's head of digital assets research, said a break above Bitcoin's key resistance level of $65,500 could signal that the low for this cycle is already in. Investors should prepare for a move toward $100,000 by year-end, he added.
Expanded U.S. Treasury purchases of long-term bonds represent the type of government intervention Bitcoin favors most, Kendrick said. Because Bitcoin has a fixed supply, it can act as a hedge against currency debasement.
Bitcoin was trading at $68,336.85 on Binance's USDT market as of 2:10 a.m. on Aug. 20, up 5.49% from a day earlier.
JH Kim
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