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This week, Bloomberg Intelligence senior macro strategist Mike McGlone shared his March outlook and noted that the \u201ctop catalyst\u201d that could push gold above the $2,000-per-ounce range is a recession. McGlone further explained in an update about bitcoin and the Nasdaq that a key ingredient to force the U.S. Federal Reserve to pivot its stance is \u201ca sharp drop in the stock market.\u201d<\/strong><\/p>\n Gold and silver prices were lower this past week, with gold close to dropping below the $1,800-per-ounce range and silver clinging just above the $20-per-ounce range. The global cryptocurrency market capitalization today is $1.08 trillion, a decrease of around 1.57% over the last day. Earlier this week, Bloomberg Intelligence senior macro strategist Mike McGlone<\/a> shared his March predictions concerning assets like commodities, precious metals, equities, and bitcoin. Regarding bitcoin, McGlone questions<\/a> whether the recent rally was hollow or an enduring recovery.<\/p>\n The Bloomberg analyst noted that \u201ccryptos have never faced a U.S. recession, Fed tightening, and the bitcoin 50-week moving average below the 200-week.\u201d McGlone detailed that at some point, most risk assets will bottom, but with the U.S. central bank still in tightening mode, most markets have bounced. \u201cBitcoin\u2019s 50-week moving average has never crossed below its 200-week level amid the Fed\u2019s tightening, and the crypto has bounced to this line in the sand at about $25,000,\u201d McGlone said. The macro strategist added:<\/p>\n Swift snap-backs are typical of bear markets and if bitcoin can sustain above $25,000, it would signal divergent strength vs. central-bank.<\/p>\n<\/blockquote>\nMike McGlone Shares March Outlook for Precious Metals and Cryptocurrencies<\/h2>\n
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