Bitcoin Bottom 'Likely Already In,' $120,000 Is the Year-End Target, Strive CEO Says

Strive Asset Management CEO Matt Cole said at BTC Prague that Bitcoin (CRYPTO: BTC) is likely bottoming around the 200-week moving average and projects a base case of $80,000 to $120,000 by year-end.

Cole Bought The Exact 32 Bitcoin Saylor Sold When Strategy Inc. (NASDAQ: MSTR ) sold 32 Bitcoin in May, Strive bought the same amount that week, Cole told Cointelegraph in an interview published on Monday.

Cole said it was partially deliberate, with Bitcoin down significantly that week and 32 coins matching what Strive planned to buy anyway.

He publicly told Saylor those Bitcoin will be more expensive to repurchase.

Cole also pushed back on the narrative that Strategy’s small Bitcoin sale was a bearish signal.

He pointed out Strategy still bought a net 20,000-plus Bitcoin that same month, meaning it has never been a net seller in any single month. “Those fears are going to age really poorly,” Cole said.

Three Scenarios For Bitcoin By Year-End Cole laid out his price framework clearly.

The bear case puts Bitcoin between current levels and $40,000 by year-end, which he called low probability but not zero.

The positive scenario targets $100,000 to all-time highs.

His base case sits between $80,000 and $120,000. “I think there’s a decent chance the bottom’s in,” Cole said, adding that anytime Bitcoin trades near its 200-week moving average, that’s the historically optimal window for Bitcoin bulls to take maximum risk.

Strive holds nearly 20,000 Bitcoin and has 18 months of cash and marketable securities, enough to survive even a drop to $40,000 through the end of 2027 without selling a single coin.

Cole Is Bearish On Every Crypto Asset Except Bitcoin Cole said institutions are badly mispricing risk across the crypto space, pointing to Bitmine Immersion Technologies (NASDAQ: BMNR ) receiving a lower cost of capital than Strive despite being backed by Ethereum (CRYPTO: ETH).

He argued the staking yield thesis breaks down mathematically because Ethereum has underperformed Bitcoin by 15% annually on average since staking launched in 2020. “If I give you a 3% staking yield but the total return is minus 15% on price, your net return is minus 13% a year,” Cole said.

He called Ethereum, Solana (CRYPTO: SOL), and other altcoins insanely overvalued and said companies building leveraged treasury vehicles on top of those assets are amplifying exposure to something he views as likely to underperform.

Digital Credit Could Reach Trillions By 2030 Strive’s preferred equity SATA pays daily dividends and has driven the company’s Bitcoin accumulation pace, with strong demand allowing Strive to climb to the seventh-largest public Bitcoin treasury with nearly 20,000 coins.

Cole said the average SATA buyer is around 60 years old, holds a net worth in the low millions, and wants income rather than direct Bitcoin exposure.

Cole sees digital credit, Bitcoin-backed yield instruments like SATA and STRC, growing into a multi-trillion dollar asset class by 2030 as trust in fiat currencies continues eroding and institutions seek something that bridges traditional finance and Bitcoin exposure without requiring self-custody.

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