According to Michael van de Poppe’s chart-based assessment of March 8, 2026, the future price action of Bitcoin will depend on the performance of gold, silver and oil over the next few days. If the precious metal continues to cool and capital turns back to venture capital, he believes it will only take 1 week for Bitcoin to reach its two-month highs. Otherwise, the $60,000 level will be in the sand for Bitcoin as a support level.
Bitcoin’s macro problems are off the charts
Bitcoin has had a rough ride so far in March. Bitcoin lost nearly 15% in February and Bitcoin has lost 5 straight months since October 2025. In addition, the seasonal background of Bitcoin does not offer any signs of recovery. Part of the reason Bitcoin is under so much pressure is because Bitcoin no longer behaves like digital gold.
The 30-day volatility correlation between Bitcoin and the S&P 500 as of March 1 was 0.55, compared to about 0.5 with the S&P 500 in October 2025. Therefore, Bitcoin continues to function primarily as a stock, making Bitcoin a poor hedge against traditional market risks.
Gold has been on the rise with prices above $5,000 an ounce due to factors including geopolitical tensions and global financial problems driving demand for safe-haven gold and silver. In the face of increased volatility, many asset managers have chosen to invest in gold and silver while reducing exposure to other new risky asset networks, including cryptocurrencies, as ways to balance volatility in their portfolios. When jewelry stabilizes again, and accordingly the price of precious metals, then funds are likely to return to higher risk assets such as Bitcoin.
Boolean Case – Higher Bottoms and Rotation Adjustment
Although the fundamentals have been tough, there is still a positive technical picture for Bitcoin. There are more lows and strengths in Bitcoin’s overall technical picture, indicating that the worst of Bitcoin’s bear market is over. Several analysts expect Bitcoin to reach $75,000-$80,000 in March 2023.
The BTC vs. Gold chart has daily and weekly divergences that suggest the smart money is finally moving back into stocks and Bitcoin after geopolitical fears over the precious metal fade. Both Bernstein and Standard Chartered have a target of $150,000 for the end of 2026, and this weak state in Bitcoin is because there is nothing structurally broken with Bitcoin. Three years of data confirm this prediction.
Why is the $60,000 level so important?
Bitcoin could revisit its recent lows if the precious metal remains high and macro conditions remain protective, as $60K is due to the accumulation of 400,000+ BTC on the chain from $60-70K during the recent price decline, which leads to structural density that markets usually respect.
ETF inflows have surpassed steady outflows in early 2026, supporting signs of stabilization in ETF flows. ETFs are generally considered the ultimate buyers of institutions, so if more inflows continue, the possibility of a breakout increases, as well as increasing downside risk as outflows continue. If the price breaks below $50,000, this creates a very negative signal for the broader market structure, and $60,000 becomes an important area to hold at $60,000.
Conclusion
Gold and silver are expected to influence the price of Bitcoin in March. There is an opportunity to add $60K worth of Bitcoin if Gold & Silver is held. Macro signals, technical levels and institutional trigger points indicate that Gold, Silver and Bitcoin will be strong going forward.
Source: https://blockchainreporter.net/bitcoins-next-move-depends-on-gold-and-silver-as-analysts-eye-60k-support-or-a-return-to-all-time-highs-in-march-2026/
