Bitcoin is showing signs of a sentiment reversal after spending nearly 10 months declining from its October 2025 peak near $126,000. Cosmo Jiang, a portfolio manager at Pantera Capital, said traders and funds are moving from net short positions or the sidelines into long exposure after Bitcoin broke decisively above its 200-day moving average near $69,000. Bitcoin gained more than 23% in the week before Jiang’s August 21 interview, closing near $77,400 after briefly rising above $79,000. Jiang cited favorable U.S. regulatory developments and announcements of increased Treasury bond buybacks as immediate catalysts. Pantera, which manages roughly $3.8 billion, identified about $80,000 as the next significant resistance level. Jiang also pointed to continued growth in stablecoin supply and transaction volumes, expanding prediction-market activity, deeper perpetual-futures infrastructure and new use cases created by artificial intelligence integration as structural reasons it may be increasingly difficult for investors to remain bearish on crypto.