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.

Cole sees another development as particularly significant: Bitcoin has now broken higher against both the dollar and gold.

The move has been sharp. Market data show Bitcoin is up more than 22% against the US dollar this month, while it has gained 6.6% against gold.

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The executive acknowledged that Bitcoin could still pull back after the rapid advance, but said he would expect strong buying if a meaningful correction occurs.

“My conviction is very strong that the Bitcoin bear market is over. If BTC/gold was again the earlier signal, seeing both relationships now turn higher together gives me more confidence in the next 12 to 18 months and in the much larger opportunity that could unfold over the years ahead,” he added.

Cole’s conviction is backed by one of the largest corporate Bitcoin positions on the market. Strive held 20,246 BTC, ranking seventh among public company holders.

The position also shows why the call matters to him. Strive’s average cost sits at $94,345 per Bitcoin, roughly 22% above current levels. The company has an unrealized loss of roughly $350 million on the trade despite last week’s rally.

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Source: BeInCrypto