Strive CEO Says Bitcoin’s Bear Market Is Over After Double Breakout
Strive CEO Matt Cole says the Bitcoin (BTC) bear market has ended, citing the asset's breakout against both the US dollar and gold in the same week.
Cole argues that the BTC/gold ratio has turned before the dollar price at recent inflection points. He now expects the next cycle to be the strongest Bitcoin has produced.
Why the BTC/Gold Ratio Turned First
Bitcoin peaked against gold in December 2024, according to Cole. Its dollar price held up far longer, topping in October 2025.
The sequence reversed at the low. Cole dated the BTC/gold bottom to February 2026 and the dollar bottom to July, roughly five months later.
That dynamic, in Cole's telling, helps explain why sentiment turned so negative. Bitcoin set dollar records while losing ground to gold throughout the rally. He argues a mild nominal drawdown still feels brutal when the preceding bull market never delivered relative leadership.
Price action has since flipped. Bitcoin climbed roughly 21% between Wednesday and Friday last week, briefly surging above $79,000. However, the move has been widely attributed to the Treasury's decision to buy back longer-dated bonds.
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