Smart Money Floods In, Driving Bitcoin Price Higher

Cosmo Jiang, portfolio manager at Pantera Capital, said 'smart money' is helping drive Bitcoin's price higher. The firm's investment expert pointed to positive regulatory news in the US as a key factor.

Jiang noted that while there may be small pullbacks, 'smart money' is now flowing into the space and positioning is starting to reverse. He said people are moving from being on the sidelines or even net short to wanting to be long for what could be a 'very big technology'.

Jiang pointed to upcoming crypto legislation as another factor that will drive Bitcoin's price higher, citing the Clarity Act and its potential passage in September. He also mentioned stablecoin adoption, prediction markets, perpetual futures, and the crossover of AI as positive fundamentals.

The current price of Bitcoin is around $77,412, up over 23% from last week. Jiang said the next resistance for the coin's price could be around $80,000.