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Investing.com -- Bitcoin (BitfinexUSD) prices dropped below $64,000 on Saturday as news broke that Israel and the United States had launched attacks against Iran.

Bitcoin has recently been recategorized from a safe-haven asset to a risk-prone one that moves a lot more like a growth stock. In the past, people mostly saw Bitcoin as a safe haven because its price tended to mirror gold, but that just isn’t the case anymore.

Over the last few months, Bitcoin’s dynamics have completely deviated from gold. While the "yellow metal" rallied higher, fueled by a surge in demand and people looking for a safe place to put their money, Bitcoin has struggled. The largest crypto by market value is now trading down over 50% from the highs of $125,000 we saw back in October 2025.

Where Bitcoin goes, other cryptos follow

Bitcoin wasn’t the only one feeling the heat today; other major cryptos like ETH/USD and Solana also took a hit. This decline is part of a recurring trend where Bitcoin tends to drop on geopolitical news before eventually recovering and finding its footing again.

However, since this current conflict doesn’t look like it will be easily resolved, we might be looking at a much longer decline in prices. There is a real risk that more countries could be pulled in if Iran decides to retaliate against neighbors that host U.S. military bases.

Because of that, the outlook for crypto isn’t very promising right now. With Bitcoin already on its way down, the $60,000 level is the most likely next stop. That’s where the price bounced back after the last big dip, so it’s a key support level to watch.

Will gold benefit from Bitcoin’s latest decline?

Since most gold instruments don’t trade over the weekend, we’re going to have to wait until Sunday night when the Asian markets reopen to see how gold reacts to everything that happened today.

Investors will be watching that Sunday opening very closely to figure out gold’s next move. Based on how things usually go, gold will likely surge higher after these attacks. As people flee riskier assets, they’ll head for the safety of gold. Prices will likely gap higher on the open and could even push past previous record highs.