Strive CEO Matt Cole has stated that the downturn phase in the bitcoin market is over. Over the past week, the leading cryptocurrency broke through key resistance levels simultaneously against both the dollar and gold, which, in his view, signals a trend reversal.
The BTC/gold ratio, often viewed as a more accurate indicator of the asset's true strength, turned around earlier than the dollar pair. This is an important nuance: in previous cycles, it was precisely the ratio against gold that first signaled a shift in sentiment. Now, according to Cole's forecasts, we can expect the most powerful bull cycle in cryptocurrency history.
Why the BTC/gold pair changed earlier
The peak of the bitcoin-to-gold ratio occurred in December 2024. Meanwhile, the dollar exchange rate continued to consolidate and only updated its high in October 2025. The lows formed in reverse order: the BTC/gold pair bottomed out in February 2026, while the rate against the dollar only did so in July, roughly five months later.
It is precisely this sequence that explains investor pessimism. Bitcoin was updating dollar records but was simultaneously losing ground to gold. Even a slight decline was perceived painfully, especially against the backdrop of the previous growth cycle, where the coin consistently outpaced the precious metal.
Now the situation has changed dramatically. From last Wednesday through Friday, bitcoin rose by approximately 21%, briefly exceeding the $79,000 mark. The growth is linked to the US Treasury's decision to buy back long-term bonds, which boosted demand for risk assets.
Cole also drew attention to the simultaneous breakout of levels against both the dollar and gold. Over the month, the coin gained more than 22% against the USD and 6.6% against gold — a rare combination that confirms the strength of the current momentum.
The analyst allows for a short-term correction after such rapid growth. However, he is convinced that any significant decline will meet strong demand from buyers. "I am absolutely confident that the bear market is over. If the BTC/gold pair has again given an early signal, and now both directions are moving up simultaneously, I have reason to expect a successful 12–18 months and much larger growth opportunities in the future," he noted.
Cole's confidence is backed by one of the largest corporate positions in bitcoin. Strive holds 20,246 BTC — the seventh-largest among public institutions. The average purchase price is $94,345 per coin, which is approximately 22% above the current value. Despite the recent growth, the company's unrealized loss is still estimated at around $350 million.
My comment: The simultaneous breakout against fiat and gold is indeed a rare and strong signal. However, one should not ignore the fact that large holders, such as Strive, are deeply underwater relative to their average entry price. This creates a risk of loss-taking as they approach their breakeven point. Nevertheless, if macroeconomic support persists, the current momentum could become the starting point for a new historical rally.