A direct military attack by the United States against Iran would likely trigger a phase of strong risk aversion in global markets, leading to an aggressive sell-off of Bitcoin and other crypto assets, given its high correlation with risk assets in the short term. However, historically, geopolitical shocks tend to generate a subsequent recovery with positive asymmetry, driven by monetary expansion, an increase in global liquidity, and a search for decentralized assets as systemic hedge. Therefore, the initial drawdown could be followed by one of the largest waves of appreciation ever recorded in the Bitcoin cycle. $BTC $ETH $BNB