Bitcoin Breaks Out Against Gold and Dollar, Strive CEO Sees End of Bear Market

Strive CEO Matt Cole says Bitcoin's bear market has ended after breaking out against both gold and the dollar in the same week. The joint breakout was described as 'explosive' by Cole, who has been tracking this pairing since 2024. The move left him 'more bullish on Bitcoin today than I have ever been.'

Cole's argument is based on the bitcoin-to-gold ratio, which he says calls the bottom early and indicates a strong next cycle for Bitcoin. According to his data, the ratio peaked against gold in December 2024, about a year ahead of its dollar peak in October 2025.

The rally accelerated after Treasury Secretary Scott Bessent announced plans to raise the maximum size of bond buybacks for longer-dated debt from $2 billion to at least $4 billion per operation. The dollar index fell below 99 in the days following, a multi-month low tied to Federal Reserve rate repricing and renewed US debt concerns.

Cole frames the move as one leg of a longer thesis: a dollar he expects to weaken over a sustained period, combined with what he calls a 'growing hunt for scarcity in an AI-driven world of abundance,' pushing capital toward gold, silver, and Bitcoin alike. Strive has continued adding Bitcoin during periods of market weakness, reinforcing the company's strategy of increasing its Bitcoin exposure despite broader market pressure.