As the situation in the Middle East escalates, gold prices are approaching historical highs, but analysts express skepticism about whether Bitcoin can exhibit the same performance, as investors prioritize other safe-haven assets.
According to TradingView data, gold prices climbed to $3,450 per ounce on Monday, just $50 shy of the nearly $3,500 historical high set in April.
This typically slow-moving asset has astonishingly risen 30% since the beginning of the year, driven by factors including U.S. President Trump's trade tariff policies and the recent escalation of military conflicts in the Middle East. A missile strike by Israel on Iran on June 13 led to a drop in Bitcoin prices.
Analysts point out that the rise in gold prices is also closely related to inflationary pressures, as investors view it as a safe-haven asset and a hedge against inflation.
"If more data or comments from economic officials show widespread concerns about inflation or interest rate policies, gold prices are likely to break into new historical highs," CBS News reported over the weekend.
In contrast, Bitcoin has only risen 13% year-to-date. It is also nearing historical highs, currently trading at 5.3% below the peak of $111,800 reached on May 22.
However, IG Markets analyst Tony Sycamore told Cointelegraph that Bitcoin's trading performance still resembles that of risk assets like U.S. stocks rather than safe-haven assets like gold. "From this perspective, as U.S. stock index futures strongly rebound today from Friday's sell-off, Bitcoin has room to rise and catch up with the performance of U.S. stock index futures."
He added that as long as Bitcoin remains above the support level of $95,000 to $100,000, "I expect it to retest the historical high of $112,000, then move towards the $116,000 and $120,000 range."
Apollo Crypto analyst Henrik Andersson agrees with this view, stating to Cointelegraph, "After the initial sell-off related to the Middle East situation on Friday, we saw a recovery in both stock index futures and Bitcoin."
However, he added that in the short term, "oil and gold may continue to move in the opposite direction of stocks and Bitcoin."
LVRG Research director Nick Ruck holds a similar view. He told Cointelegraph that Bitcoin's "digital gold" narrative is "gradually fading," as it struggles to follow gold's upward trend, "with traders instead focusing more on short-term volatility and liquidity conditions, leading to a higher correlation of Bitcoin with risk assets than with safe-haven assets."
"If risk sentiment shifts and investors begin to seek alternative stores of value, while this week's Federal Reserve meeting results align with investor expectations, Bitcoin may regain momentum in the coming weeks," said Eugene Cheung, Chief Business Officer of digital asset platform OSL.
The market is closely watching the Federal Reserve's policy meeting and interest rate decision on Wednesday, but the futures market still predicts that rates will remain unchanged at the upcoming meeting, with a probability of 96.7% for maintaining rates at 4.25-4.50%.
Related: Ethereum whales and sharks continue to buy ETH, while retail investors cash out
Original article: “Bitcoin (BTC) Looks More Like Stocks Than Gold Amid Escalating Middle East War”
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