Bitcoin could reach $100,000 by year-end if it breaks above the key $65,500 resistance level, according to Geoff Kendrick, Standard Chartered's head of digital assets research. Kendrick said such a move could indicate that the low for the current cycle is already in and urged investors to prepare for a move toward $100,000. He also said expanded U.S. Treasury purchases of long-term bonds would provide the type of government support Bitcoin favors most. Because Bitcoin has a fixed supply, it can serve as a hedge against currency debasement, or the erosion of a currency's purchasing power. Bitcoin traded at $68,336.85 on Binance's USDT market at 2:10 a.m. on Aug. 20, up 5.49% from a day earlier. Cointelegraph reported the forecast on Aug. 19.