Smart Money Floods into Bitcoin Market as Price Surges Past $77,000

American investment firm Pantera Capital's portfolio manager, Cosmo Jiang, believes that 'smart money' is now flooding into the Bitcoin market, helping to push its price higher. According to CNBC, Jiang stated in a recent interview that while a small pullback was possible, the next resistance for Bitcoin's price could be around $80,000.

Bitcoin has surged this week on positive regulatory news coming out of the U.S., including a meeting between President Donald Trump and crypto executives. The White House urged lawmakers to pass the Clarity Act, which aims to clarify which digital assets will be watched by the SEC and CFTC. A vote on the proposed law is set for September.

The Treasury Department also announced that it would at least double the size of its long-dated bond buybacks, causing non-yielding assets like Bitcoin and gold to jump in price. Jiang added that a range of positive fundamentals in the crypto space, including stablecoin adoption, prediction markets, perpetual futures, and 'the crossover of AI', will help push Bitcoin's price higher.

Bitcoin has been priced at $77,412 after surging more than 23% over the past week. It touched as high as $79,319 earlier on Friday. Pantera Capital told CNBC that the Bitcoin price is starting to 'reverse' to the upside.