Is Bitcoin the New Gold? Analysts Question Its Safe-Haven Status Amid Middle East Tensions

As the Middle East grapples with rising geopolitical tensions, market analysts remain divided on whether Bitcoin (BTC) can truly be considered a “safe-haven” asset. While the flagship cryptocurrency has shown strength in recent years, its reaction to the current crisis appears underwhelming compared to traditional assets like gold.

Gold prices have surged, nearing an all-time high of US$3,450 per ounce on Monday (16 June), as global investors moved quickly to hedge against uncertainty. The spike has been driven largely by renewed trade tariffs from U.S. President Donald Trump and military escalations in the region since mid-June.

Meanwhile, Bitcoin has remained relatively flat. Year-to-date, BTC has gained 13%, a modest rise compared to gold’s 30% rally in the same period.

Tony Sycamore, a senior market analyst at IG Markets, told Cointelegraph that Bitcoin is “still being traded more like a risk-on asset, similar to U.S. equities, rather than as a true safe haven.”

“Gold tends to rise steadily during times of uncertainty, but Bitcoin still mimics the behaviour of tech stocks. It’s volatile, and often correlates with broader equity market movements,” Sycamore said.

That said, Bitcoin isn’t exactly faltering. As of this week, it is trading just 5.3% below its all-time high of US$111,800, which was reached on 22 May. Analysts suggest that BTC may still have room to grow — especially if investor sentiment in the equity markets continues to recover.

“If U.S. equity futures maintain their strong rebound from last Friday’s sell-off, we could see Bitcoin pushing higher to catch up,” Sycamore added.

In terms of price action, Sycamore believes that Bitcoin must hold above the key support zone between US$95,000 and US$100,000 to maintain bullish momentum. If successful, the next targets could be US$112,000, followed by US$116,000 and US$120,000 in the short-to-medium term.

Despite Bitcoin’s progress, the comparison with gold continues to highlight its shortcomings as a traditional safe-haven. Gold’s stability, historical trust, and relatively slower but consistent gains still make it the go-to asset in times of crisis.

Nonetheless, as institutional adoption grows and products like Bitcoin ETFs continue to attract inflows, the conversation around Bitcoin’s evolving role in global markets remains active. The next few weeks could be critical in determining whether BTC can finally break free from its “risk asset” label — or if it’s still too early to crown it digital gold.

Share :