Bitcoin is experiencing a significant bear market relative to gold, with the Bitcoin-to-gold ratio currently at approximately 18.46, marking a 55% decline from its December 2024 peak. This ratio is also about 17% below its 200-week moving average of 21.90, challenging Bitcoin's "digital gold" narrative. Historical data indicates that during previous bear markets, the ratio fell more than 30% below its 200-week moving average and remained there for over a year. The current downturn began in November 2025, and if historical patterns hold, the Bitcoin-to-gold ratio could stay below the moving average throughout 2026. Previous cycles saw even larger declines, with drawdowns of 77% and 84% in 2022 and 2018, respectively, suggesting potential for further downside.