From August 17 to 23, Bitcoin's price soared by $14,264, marking the largest weekly increase in its history. According to TradingView, the cryptocurrency concluded the week at $77,387, reflecting a 22.4% rise.
Hourly chart of BTC/USDT on Binance. Source: TradingView.During this rally, Bitcoin's price exceeded $79,000, reaching as high as $79,500 on Binance—the highest level since mid-May.
Strive Sees the Start of a New Bitcoin Cycle
Matt Cole, the head of Strive, suggested that Bitcoin's performance relative to gold indicates the end of the bear market. He noted that the BTC/GOLD ratio has outpaced Bitcoin's movement against the dollar on two occasions.
"Bitcoin priced in gold is reinforcing my view that the next Bitcoin cycle will be the strongest we have ever seen. The dollar thesis I wrote about below and the growing hunt for scarcity in an AI-driven world of abundance both point toward a powerful structural tailwind for… https://t.co/ZbGsWawGCw pic.twitter.com/4Y5WZhpANP" — Matt Cole (@ColeMacro) August 24, 2026
In December 2024, Bitcoin peaked against gold, although it continued to reach new highs against the dollar until October 2025. Conversely, the lows mirrored this trend: the minimum against gold occurred in February 2026, while the dollar low was not seen until July.
"BTC/USD showed strength, while BTC/GOLD had already indicated a weakening bull market," wrote Cole.
Currently, Bitcoin has broken through significant levels against both the dollar and gold. In light of this, Cole expressed strong confidence in the end of the bear market and improved prospects for the next 12 to 18 months.
While he does not rule out a significant correction, he anticipates strong demand should prices decline.
He predicts that the new cycle will be bolstered by the long-term weakening of the dollar and advancements in AI. Cole believes that the decreasing cost of intelligence and technology will enhance the premium for scarcity, drawing capital towards limited-supply assets like Bitcoin and gold.
"Bitcoin will vie for an increasing share of the growing capital pool," remarked Cole.
This combination of factors, he stated, is unprecedented for the leading cryptocurrency.
Additionally, a contributor at CryptoQuant known as BorisD linked the crypto market rally to a chain liquidation of shorts on Binance futures.