Bitcoin Bear Market Officially Over as BTC Surges Against Both USD and Gold
Strive CEO Matt Cole claims that Bitcoin's bear market has ended after a double breakout against both the US dollar and gold.
Cole notes that in the past, when Bitcoin broke out against gold, it usually led to the dollar price following suit. However, this time around, the opposite occurred: the BTC/gold ratio turned first, and then the dollar price.
The reversal is significant because it indicates a shift in market sentiment. Cole argues that Bitcoin's previous bull run set dollar records while losing ground to gold, which made the subsequent drawdown feel brutal for investors.
Now, with both the BTC/USD and BTC/gold ratios breaking higher, Cole believes that the next cycle will be the strongest Bitcoin has produced. He acknowledges that a pullback is possible but expects strong buying if a meaningful correction occurs.