Macro strategist Mark Connors said the U.S. Treasury’s plan to regularly buy back long-term government bonds could become an important catalyst for Bitcoin’s next rally and help create conditions for BTC to reach $180,000. According to Odaily, he said Treasury intervention in the bond market signals that the government is responding to pressure from rising long-term borrowing costs.

Connors said higher U.S. Treasury yields draw money into the bond market and weaken inflows into risk assets, including cryptocurrencies. He said buybacks that support bond prices and lower yields could ease macro pressure on Bitcoin. He expects U.S. Treasury support could expand to $10 billion to $30 billion per month, compared with the current $4 billion.

He also said a further adjustment to the supplementary leverage ratio rule, which would allow banks to hold more U.S. Treasurys, could help drive a breakout in Bitcoin. Connors said Bitcoin would then begin looking for an initial target of $180,000. He added that the current cycle could eventually put Bitcoin in a range of $180,000 to $360,000 by 2030.

Connors said short-term risk still depends on progress on the U.S. CLARITY Act. He said Bitcoin could face pullback pressure if the bill makes no progress before September 15.