- Over the week, bitcoin rose by more than $16,000 — the biggest gain in dollar terms in the asset’s history.
- Strive CEO Matt Cole believes bitcoin’s next cycle could be the “strongest” in history.
Bitcoin posted the largest weekly gain in dollar terms in its history. Between August 17 and August 23, 2026, the asset climbed from around $63,000 to $79,000. Strive CEO Matt Cole told The Block that bitcoin broke out not only against the dollar, but also against gold.
In Cole’s view, the world is gradually entering a period of stronger demand for scarce assets. The development of artificial intelligence and the growing availability of various goods could steer capital into gold, silver, and bitcoin.
“What makes this week especially interesting is that bitcoin broke out both against the dollar and against gold. The breakout was explosive,” Cole said.
He believes the relative performance of bitcoin and gold could shape where capital flows next. If the first cryptocurrency continues to outperform other assets, it could attract a disproportionately large share of new liquidity, the expert noted.
Cole added that he is more optimistic about bitcoin than ever before. In his view, the next market cycle could be the “strongest” in the cryptocurrency’s history. At the same time, he did not rule out a short-term pullback, but expects investors to aggressively buy the dip.
Analysts pointed to key levels
Zeus Research analyst Dominic John believes bitcoin’s rally could continue in the short term, driven by fresh inflows into ETFs and improving macro liquidity.
He said another positive catalyst could be progress on the CLARITY Act in September. However, ahead of the next leg higher, the analyst allows for a period of consolidation. In John’s view, bitcoin’s key task is to reclaim the $80,000 level.
“If the breakout holds, I expect a move toward $85,000-$90,000, and $100,000 becomes possible if ETF inflows and macro liquidity remain supportive,” he said.
At the same time, BTC Markets analyst Rachael Lucas urged against attributing the historic rally to a single factor. She said moves like this are typically the result of a combination of short covering, spot demand, and conditions in the derivatives market.
Lucas advised investors to monitor inflows into spot Bitcoin ETFs, as well as open interest and funding rates.
If the rally is driven primarily by spot demand, it provides a stronger foundation for further upside. At the same time, overheated funding rates and elevated open interest may signal a higher risk of a sharp pullback.
She also noted that profit-taking and volatility after such a steep rise are a normal part of price discovery and, on their own, should not be seen as a bearish signal.
As a reminder, between August 17 and 21, bitcoin and Ethereum ETFs posted the best weekly result of 2026, with $2.62 billion in inflows.
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