Smart Money Helping Support Bitcoin Rebound, Says Pantera Capital

American investment firm Pantera Capital’s portfolio manager has said “smart money” is helping push bitcoin’s price higher. 

Cosmo Jiang, portfolio manager at the firm, said in a Friday CNBC interview that the next resistance for the coin’s price could be around $80,000 and that while small pullback was possible, “smart money” was now flooding into the space. 

Bitcoin surged this week on positive regulatory news coming out of the U.S. and news that the Treasury Department would at least double the size of its long-dated bond buybacks.

“From everything we see, positioning is starting to reverse,” Jiang said. 

“People are going from very much on the sidelines and even net short positioning to now realizing they want to be long, for what could be a very big technology.”

Bitcoin was recently priced at $77,412 after surging more than 23% over the past week. The biggest cryptocurrency touched as high as $79,319 earlier on Friday. 

While spending most of June and July below $65,000, bitcoin has benefited from news that came out of the White House this week.

President Donald Trump held a meeting with crypto executives earlier in the week, and urged lawmakers to get the long-awaited Clarity Act over the line.