Bitcoin to hit $100,000 by year-end? Standard Chartered Bank: Carrie Lam's stance may be the main reason traders are bullish

"There are many driving factors worth noting, indicating that Bitcoin is likely to see an upward breakthrough," said Geoff Kendrick, Global Head of Digital Assets Research at Standard Chartered Bank, in an interview. He expressed optimism about the future trend of Bitcoin. He also mentioned that, overall, the economy remains optimistic for the future, and the data in the derivatives market is also bullish. Geoff Kendrick's statement may be the key reason why some traders are betting that Bitcoin could reach $100,000 by the end of the year."

Optimistic Conditions: Fed Rate Cut, China Stimulating Economy

Geoff Kendrick stated that after the Federal Reserve's rate cut, the short-term borrowing cost of U.S. Treasury bonds is lower than long-term bonds, which often indicates optimism for future economic growth. "The steeper yield curve after the Fed rate cut has been helpful. This situation has continued this week, with the 2-year and 10-year U.S. Treasury bonds currently up by about 21 basis points," he said.

The Federal Reserve in the U.S. has chosen to cut rates, while China has introduced its largest economic stimulus policy since the outbreak of the pandemic. This includes monetary policies such as lowering the reserve requirement ratio to release more liquidity into the market.

Printing money aggressively to save the economy! China unveils its largest economic stimulus package since the pandemic, providing short-term relief.

Derivatives Traders Bullish on Bitcoin Reaching $100,000 by Year End

He also pointed out that data from the derivatives market also indicates optimism for the future of Bitcoin. He noted the recent surge in Bitcoin call options expiring on December 27, with a significant concentration of these call options at the $100,000 price level.

He mentioned that the increasing pace of open interest contracts in Bitcoin options is not only due to Bitcoin's price rising by about 6% in the past week but also because of positive statements on cryptocurrencies by Janet Yellen in New York, which have influenced the market.

Janet Yellen Mentions Digital Assets for the First Time, Coinbase: The Era of Biden and Senator Warren is Ending

A few days ago, Janet Yellen stated that she would focus on supporting emerging technologies such as artificial intelligence and digital assets, emphasizing that while encouraging innovation, she will also protect consumers and investors. As she has never positively addressed these issues before, her first statement has had a positive impact on the market. Coinbase even mentioned that the era of Biden and regulatory Senator Warren is coming to an end.

"From a timing perspective, the most likely new factor is Vice President Janet Yellen's comments made on Sunday, September 22, where she stated she would promote digital asset businesses. These comments suggest that any outcome of the November 5 election will ultimately have a positive impact on Bitcoin," Geoff Kendrick said.