Bitcoin climbed toward $79,000 this week, on track for roughly a 23% weekly gain after the US Treasury moved to double long-dated bond buybacks and a $2.7 billion short squeeze hit leveraged crypto bets. Standard Chartered now says a $100,000 year-end target may be too conservative, while a stalled Clarity Act vote still hangs over the rally.
Bitcoin traded 6% higher at about $77,000 Friday, up from roughly $62,800 at the start of the week. That put the coin on track for a weekly gain of around 23%. Coinbase and Circle shares each rose more than 9%, and Strategy advanced 7% alongside the move.
Treasury buybacks trigger a short squeeze
The rally began Wednesday when Treasury yields pulled back sharply after the US Treasury's intervention in the bond market, easing pressure on risk assets. The expanded buyback program for 10- to 20-year and 20- to 30-year coupons runs from Sept. 9 through Nov. 4. That move helped trigger a broader shift into crypto, later amplified by a short squeeze that liquidated roughly $2.7 billion in leveraged short positions, according to CoinGlass.
Standard Chartered analyst Geoff Kendrick called the buyback expansion "exactly the type of thing Bitcoin loves," according to Cointelegraph, and pegged Bitcoin's key technical level at $65,500, saying a break above it could confirm the cycle low is in.
Traders now eye Standard Chartered's higher target
Kendrick separately said his own $100,000 year-end price forecast now looks too low, adding that once investors remember how fast prices can accelerate, an overshoot toward the all-time high of $126,000 before year-end may be possible. He also said bitcoin's bear market has so far been the shallowest on record.
Bitcoin hit as high as $79,319 Friday before dipping slightly, sustaining its biggest run in years. The coin remains below its 2026 high of $94,820 reached in mid-January and last October's all-time high.
Clarity Act vote still hangs over the market
Investor sentiment also improved after a push from the White House and crypto industry leaders on the Clarity Act. The bill's vote has since been delayed until September. President Trump urged lawmakers to get the bill over the line, according to Bitcoin Magazine.
Sources: CNBC, Cointelegraph, Bitcoin Magazine
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