[Digital Today reporter Hyunwoo Choo] An analysis said bitcoin is nearing a market bottom. Roni Suster, head of research at Brazil's largest cryptocurrency exchange Mercado Bitcoin, assessed that bitcoin's decline in value versus gold could be a sign that a bottom is forming.

According to blockchain media outlet CoinDesk on March 1 local time, bitcoin's peak in dollar terms was about $126,000 in October 2025. Based on past patterns, the downtrend is likely to continue until the end of 2026. But in gold terms, January 2025 was the peak. Applying a 12 to 13-month cycle on that basis suggests a bottom in February 2026, with a rebound starting from March.

Samson Mow, CEO of bitcoin technology company Jan3 and a bitcoin advocate, also posted on X, formerly Twitter, that "bitcoin is undervalued by 24 to 66 percent compared with gold's market capitalisation or the global money supply, while gold is overvalued," he said.

The analysis is linked to global economic uncertainty. Since the start of U.S. President Donald Trump's new term, trade tariffs, political conflict within the United States, and rising tensions with China and Iran have shaken markets. In particular, conflict with Iran led to military clashes, sending the World Uncertainty Index sharply higher. Gold prices have risen more than 80 percent over the past year to $5,280. The analysis said bitcoin's weakness versus gold has accelerated amid that trend.

There have also been outflows from bitcoin exchange-traded funds (ETFs). About $7.8 billion has flowed out since November last year, with selling equivalent to 12 percent of the total $61.6 billion. But unlike short-term panic selling, large investors are using the decline as a buying opportunity. Mubadala Investment Company, a large Abu Dhabi investment firm, and Alwada Investment expanded investments in spot bitcoin ETFs in mid-February.

Experts advise investors to use a buying strategy amid fear in this environment. "Historically, buying during periods of fear has been more effective than buying in an overheated market," Suster said. "There is no certainty that the current level is the bottom, but statistically we are entering an optimal buying zone," he added.