** Stagnation During Middle East Conflict, Is Bitcoin's Volatility on Par with Gold?**

Analysts are skeptical whether Bitcoin can be classified as a safe-haven asset as investors prioritize traditional assets, particularly gold. The price of the precious metal nearly reached a record high of US$3,450 per ounce on Monday (06/16) as tensions in the Middle East escalated.

IG Markets analyst Tony Sycamore stated that Bitcoin is still traded more as a risky asset similar to U.S. equities rather than as a safe haven, as reported by Cointelegraph.

Gold typically rises slowly, but the precious metal has increased by 30% since the beginning of the year, driven by tariffs from U.S. President Donald Trump and the escalation of military actions in the Middle East on June 13.

In comparison, Bitcoin has risen 13% year-over-year. Bitcoin is also approaching its all-time high, trading 5.3% below the peak of US$111,800 on May 22.

“In this case, with U.S. futures equities rebounding strongly from Friday's sell-off, there is room for Bitcoin to move higher and catch up with U.S. futures equities,” said Sycamore.

However, Sycamore noted that if Bitcoin holds above support at US$95,000 to US$100,000, he would expect a retest of the record high of US$112,000 before moving towards the US$116,000 and US$120,000 regions.