[Analysis: Bitcoin in a deep bear market relative to gold, history suggests the downtrend may continue] According to CoinDesk analysis, Bitcoin's price relative to gold is currently in a deep bear market phase, consistently underperforming gold, which may challenge its narrative as 'digital gold.' At present, the Bitcoin-to-gold ratio is approximately 18.46, down about 55% from its peak in December 2024, and about 17% below its 200-week moving average (around 21.90). Over a longer time frame, gold has outperformed Bitcoin in both one-year and five-year returns. Historical data shows that in previous major bear market cycles, the Bitcoin-to-gold ratio fell more than 30% below its 200-week moving average (2022) and remained below it for over a year. The current breakdown began in November 2025, and if history repeats itself, the ratio could remain below the moving average throughout 2026. However, the maximum drawdowns in past cycles were also deeper than the current one, reaching 77% and 84% in the 2022 and 2018 cycles, respectively.