Bitcoin Rebounds 23% to $77,412, Pantera Capital Eyes $80,000 Next
Bitcoin jumped to $79,319 this week as Pantera Capital's Cosmo Jiang says "smart money" is flipping long ahead of an $80,000 test.
Bitcoin climbed to $77,412 this week after gaining more than 23% over seven days, touching an intraday high of $79,319 on Friday. Cosmo Jiang, portfolio manager at Pantera Capital, told CNBC that positioning across the market is flipping from short to long, with the $80,000 level now the next resistance to watch.
The move marks a sharp reversal from June and July, when bitcoin traded mostly below $65,000. The $3.8 billion firm’s read: real money is returning, not just retail speculation.
What Pantera Capital is seeing in the order books
“There’s smart money now coming in, and there’s real fundamentals to support the rebound in prices,” Jiang said. He described a shift among traders who had been “very much on the sidelines and even net short” and are now “realizing they want to be long, for what could be a very big technology.”
Jiang flagged the possibility of a short-term pullback even as the broader trend turns positive. That caveat matters: a 23% weekly rally rarely moves in a straight line, and a retest of lower levels before $80,000 would not necessarily break the pattern he described.
The macro backdrop: bond buybacks and a White House meeting
Two catalysts sit behind this week’s move. The U.S. Treasury Department signaled it would at least double the size of its long-dated bond buybacks, a liquidity-friendly signal that traders read across risk assets including crypto. Separately, President Donald Trump met with crypto industry executives this week and pushed lawmakers to advance legislation for the sector.
Both developments landed in the same week bitcoin broke out of its summer range. Whether the price action holds depends on how durable that positioning shift proves once the initial reaction fades.
Why the $80,000 level matters
For traders, $80,000 is the next chart level to clear before bitcoin can challenge its prior highs. A clean break would confirm the shift Jiang described from institutional desks. A rejection there, paired with the pullback risk he flagged, would suggest the rally still needs more time to consolidate.
For holders who sat through the sub-$65,000 stretch in June and July, the past week’s 23% move is the clearest signal yet that sentiment has turned. The next print to watch is whether bitcoin can close above $80,000 on sustained volume, rather than another intraday spike that fades.
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