This is the Bitcoin/Gold chart - currently the lowest RSI level in history.

Bitcoin peaked against Gold in December 2024. Since then, we have been in a bear market for about 14 months.
Previous major bear markets:
- April 2021 to June 2022 = 14 months
- December 2017 to February 2019 = 14 months
- November 2013 to January 2015 = 14 months
The current popular view seems to be that since Bitcoin reached an all-time high (measured in dollars) in October 2025, we have only just entered a bear market.
But that all-time high could just be due to a strong rise in Gold and Silver, pulling Bitcoin up along with them.
However, when you look at Bitcoin from the Gold (chart) perspective, it tells a very different story.
Instead of just being the early stage of a bear market, it’s very possible that this is the final chapter of a bear market that actually started 14 months ago.
Each previous bear market ended with years of Bitcoin growth. Will this time be different?
Currently, pessimists about Bitcoin are betting that this historic bottom will continue to decline even further.