Strive CEO Matt Cole has stated that the Bitcoin bear market has concluded, pointing to the asset's recent breakout against both the US dollar and gold in the same week.
Cole noted that the BTC-to-gold ratio historically turns before the dollar price at inflection points. According to Cole, Bitcoin peaked against gold in December 2024 before its dollar price topped out in October 2025. At the market low, the BTC-to-gold ratio bottomed in February 2026, while the dollar bottom occurred approximately five months later in July.
Market data indicates that Bitcoin climbed over 21% between Wednesday and Friday of last week, briefly moving above $79,000, a market action widely attributed to the US Treasury's decision to buy back longer-dated bonds. Overall, Bitcoin has risen more than 22% against the US dollar and gained 6.6% against gold during the month.
While acknowledging that Bitcoin could potentially pull back following its rapid advance, Cole stated he anticipates strong buying interest if a meaningful correction takes place. He expressed strong conviction that the bear market is finished, noting that seeing both the dollar and gold relationships turn higher simultaneously provides confidence for the next 12 to 18 months.
Strive maintains one of the largest corporate Bitcoin positions in the market, holding 20,246 BTC and ranking seventh among public company holders. The company's average cost sits at $94,345 per Bitcoin, representing an unrealized loss of approximately $350 million despite recent market gains.
