PANews reported on January 22nd that, according to CoinDesk analysis, Bitcoin's price relative to gold is currently in a deep bear market, consistently underperforming gold, which may challenge its "digital gold" narrative. Currently, the Bitcoin-to-gold ratio is approximately 18.46, down about 55% from its December 2024 peak and about 17% below its 200-week moving average (approximately 21.90). Over longer periods, gold has outperformed Bitcoin in both the past one-year and five-year periods.
Historical data shows that during previous major bear market cycles, the Bitcoin/Gold ratio fell by more than 30% below its 200-week moving average (in 2022) and remained below it for over a year. The current break below this level began in November 2025, and if history repeats itself, the ratio could remain below the moving average throughout 2026. However, the largest drawdowns in past cycles were also deeper, reaching 77% and 84% in the 2022 and 2018 cycles, respectively.

