{"id":18055,"date":"2023-02-24T23:03:40","date_gmt":"2023-02-24T23:03:40","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/commodity-strategist-mike-mcglone-predicts-a-recession-as-top-catalyst-for-golds-rise-above-2000-markets-and-prices-bitcoin-news\/"},"modified":"2023-02-24T23:03:40","modified_gmt":"2023-02-24T23:03:40","slug":"commodity-strategist-mike-mcglone-predicts-a-recession-as-top-catalyst-for-golds-rise-above-2000-markets-and-prices-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/commodity-strategist-mike-mcglone-predicts-a-recession-as-top-catalyst-for-golds-rise-above-2000-markets-and-prices-bitcoin-news\/","title":{"rendered":"Commodity Strategist Mike McGlone Predicts a Recession as Top Catalyst for Gold’s Rise Above $2,000 \u2013 Markets and Prices Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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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

Mike McGlone Shares March Outlook for Precious Metals and Cryptocurrencies<\/h2>\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

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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>\n

Regarding gold, the precious metal has a good chance of reaching $2,000 per unit if the U.S. economy slides into a recession, McGlone opined<\/a>. \u201cThe greatest potential for economic contraction from the yield curve in about 30 years and the Federal Reserve still tightening could guide most metals lower and gold higher in 2023,\u201d the strategist wrote. \u201cA U.S. recession is a top catalyst that may push the metal\u2019s price above $2,000 an ounce.\u201d Moreover, the chances of a recession look likely according to McGlone\u2019s data.<\/p>\n

\u201cBased on the highest probability of recession from the three-month to 10-year Treasury curve in our database since 1992,\u201d the strategist said. \u201cA key factor that may be different this time is the easing from the Fed that markets were accustomed to until the inflation of 2022.\u201d Furthermore, McGlone thinks that gold\u2019s jump may not happen until the Fed decides to pivot on monetary tightening policies. \u201cOne of the best performers on a 12-month basis, the precious metal may be sniffing out an eventual Fed pivot due to recession,\u201d McGlone\u2019s March outlook concludes.<\/p>\n

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bear markets<\/a>, Bitcoin<\/a>, Bitcoin rally<\/a>, Bloomberg Intelligence<\/a>, Central Bank<\/a>, commodities<\/a>, economic contraction<\/a>, equities<\/a>, Financial News<\/a>, global cryptocurrency market capitalization<\/a>, Gold Prices<\/a>, inflation<\/a>, March outlook<\/a>, market analysis<\/a>, market bounce<\/a>, Market Capitalization<\/a>, Market Data<\/a>, market outlook<\/a>, Market Trends<\/a>, Mike McGlone<\/a>, monetary tightening policies<\/a>, nasdaq<\/a>, Precious Metals<\/a>, Recession<\/a>, risk assets<\/a>, Senior Macro Strategist<\/a>, Silver Prices<\/a>, Stock Market<\/a>, U.S. economy<\/a>, U.S. Federal Reserve<\/a>, yield curve<\/a><\/div>\n<\/div>\n

Do you think the U.S. economy will slide into a recession, and if so, what impact will it have on the price of gold and other assets like cryptocurrencies? Share your thoughts in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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