According to the portfolio manager at American investment firm Pantera Capital, the presence of “smart money” is playing a significant role in driving the recent increase in Bitcoin’s price.
Cosmo Jiang, the portfolio manager at Pantera Capital, stated in a CNBC interview last Friday that the next resistance level for Bitcoin’s price could be approximately $80,000. He acknowledged that while a minor pullback might occur, there is a notable influx of “smart money” entering the cryptocurrency market.
This week, Bitcoin experienced a surge, largely attributed to favorable regulatory developments emerging from the United States, along with reports that the Treasury Department would at least double the scale of its long-dated bond buybacks.
JUST IN: $3.8 billion Pantera Capital tells CNBC the Bitcoin price is starting to “reverse” to the upside
"There's smart money now coming in, and there's real fundamentals to support the rebound in prices.”
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— Bitcoin Magazine (@BitcoinMagazine) August 21, 2026
Jiang further remarked that, based on current observations, market positioning is beginning to shift positively. He emphasized that participants are moving from a largely sidelined or net-short position to recognizing the potential for long positions, particularly in a technology with such substantial prospects.
Currently, Bitcoin is trading at approximately $77,412, having increased by more than 23% over the past week and reaching a peak of $79,319 earlier on Friday.
After spending the majority of June and July below $65,000, Bitcoin’s recent uptick appears to be influenced by significant news from the White House this week.
President Donald Trump convened a meeting with cryptocurrency executives earlier in the week to advocate for the passage of the long-awaited Clarity Act.
This proposed legislation aims to clarify which digital assets will be monitored by the SEC and CFTC, a clarification long sought by industry leaders. A vote on the legislation is scheduled for September.
In response to Trump’s comments, Bitcoin’s price increased significantly. Concurrently, U.S. Treasury Secretary Scott Bessent announced plans to at least double the scale of bond buybacks.
Following these announcements, non-yielding assets such as Bitcoin and gold experienced a notable rise in value.
Jiang expressed optimism regarding the positive fundamentals within the cryptocurrency sector, which include advancements in stablecoin adoption, prediction markets, perpetual futures, and the integration of AI technologies, indicating that these developments would contribute to climbing Bitcoin prices.
In light of these factors, he concluded, “It’s really hard not to be bullish.”
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