According to Michaël van de Poppe’s March 8, 2026, chart-backed assessment, Bitcoin’s future price action will depend on the next few days’ performance of gold, silver, and oil. If there continues to be a cooling of precious metals and capital is rotated back into risk capital, he believes it will take only 1 week for Bitcoin to reach its highs from the last couple of months. If not, the $60,000 level will be the line in the sand for Bitcoin as a support level.
Bitcoin’s Macro Problem Goes Beyond the Chart
Bitcoin has experienced a tough ride so far in March. Bitcoin suffered nearly 15% in losses during February, and Bitcoin has suffered 5 straight months of losses since October 2025. Additionally, the seasonal backdrop for Bitcoin does not offer any signs of recovery. Part of the reason that Bitcoin is under so much pressure is because Bitcoin is no longer behaving like digital gold.
The 30-day rolling correlation between Bitcoin & S&P 500 as of March 1 was 0.55, compared to approximately 0.5 with S&P 500 in October 2025. Therefore, Bitcoin is continuing to function primarily the same as stocks, making Bitcoin a poor means of hedging against traditional market risks.
Gold is having an incredible run, with prices above $5,000/oz due to reasons including geopolitical tensions and global fiscal issues driving safe haven demand for gold and silver. Amid rising volatility, many asset managers chose to invest in gold and silver while reducing exposure to other new risk assets networks including cryptocurrency, as ways to balance out the volatility of their portfolios. Once jewelry becomes stable again and accordingly the price of precious metals, then potentially funds will flow back into higher-risk assets, such as bitcoin.
The Bull Case – Higher Lows and a Rotation Setup
Even though the backdrop was tough, there is still a positive technical image for Bitcoin. There are higher lows and more strength in the overall technical picture of Bitcoin that suggest that the worst of the Bitcoin bear market is over. There are several analysts that expect Bitcoin to reach $75,000-80,000 in March 2023.
The BTC versus gold ratio chart has both daily and weekly bullish divergences indicating smart money will eventually rotate out of precious metals, back into equities and Bitcoin after the geopolitical fears are over. Both Bernstein and Standard Chartered have a $150,000 target for late 2026 and this weak bear case in Bitcoin is because there is nothing structurally broken with Bitcoin. Three-year data supports this projection.
Why the $60,000 Level Is So Critical
Bitcoin could revisit its recent lows if precious metals remain high and macro conditions stay defensive because $60K is a significant level due to 400,000+ BTC on-chain accumulation from $60-70K during recent price declines resulting in structural density that markets typically respect.
ETF inflows have shifted from sustained outflows at the start of 2026 and supported signs of stabilization in ETF flows. ETFs are generally considered to be the marginal buyer from institutions, so if more inflows continue, the probability for a breakout increases while also increasing the downside risk with continued outflows. If the price were to break below $50,000, that would create a very negative signal for the broader Market Structure and $60,000 becomes a critical zone to hold above $60,000.
Conclusion
Gold & Silver are expected to have an impact on Bitcoin prices during March. There’s an opportunity to add bitcoin at $60k if Gold & Silver continue to hold. Macro signals, technical levels, and institutional trigger points show that Gold, Silver and Bitcoin will be strong moving forward.
