Bitcoin recorded its largest weekly dollar-denominated gain in history. Between August 17 and August 23, 2026, the asset rose from approximately $63,000 to $79,000. Matt Cole, CEO of Strive, stated in a comment to The Block that Bitcoin demonstrated a breakthrough not only against the dollar but also against gold.
In Cole's opinion, the world is gradually entering a period of increased demand for scarce assets. The development of artificial intelligence and the growing availability of various goods could direct capital into gold, silver, and Bitcoin.
"What makes this week particularly interesting is that Bitcoin broke out both against the dollar and against gold. The breakout was explosive," Cole noted.
He believes that the relative performance of Bitcoin and gold could determine the further allocation of capital. If the leading cryptocurrency continues to outpace 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 become the "strongest" in the cryptocurrency's history. At the same time, he did not rule out a short-term pullback but expects investors to actively buy the dip.
Analysts Pointed Out Key Levels
Dominic John, an analyst at Zeus Research, believes Bitcoin's growth could continue in the short term thanks to new inflows into ETFs and improved macroeconomic liquidity.
According to him, an additional positive factor could be the advancement of the CLARITY Act in September. However, the analyst allows for a period of consolidation before the next stage of growth. In John's opinion, the key task for Bitcoin is to return to the $80,000 level.
"If the breakout holds, I expect a move towards $85,000-$90,000, and $100,000 becomes possible if ETF inflows and macro-liquidity remain favorable," he noted.
At the same time, analyst Rachel Lucas of BTC Markets urged against explaining the historical surge with a single factor. According to her, such movements are usually the result of a combination of short positions closing, spot demand, and the situation 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 primarily supported by spot demand, it creates a more solid foundation for the continuation of the rally. At the same time, overheated funding rates and high open interest may indicate an increased risk of a sharp pullback.
She also noted that profit-taking and volatility after such a rapid rise are a normal part of price discovery and should not in themselves be perceived as a bearish signal.
Recall that between August 17 and August 21, Bitcoin and Ethereum ETFs showed their best weekly result of 2026 with an inflow of $2.62 billion.
