The conflict in Iran could be bullish for Bitcoin.

Iran has become one of the countries that mine the most BTC thanks to its ultra-cheap and subsidized electricity.
It is estimated to control between 2% and 5% of the global hash rate.
Some estimates place its mining cost at around $1,300 per BTC. When the market is in the $60k–$70k range, that implies huge margins for those miners.
The consequence?
A large portion of that BTC is sold with very high profits, creating structural selling pressure on the market.
Here's the important part.
Iran's electrical grid is fragile and experiences frequent blackouts. In scenarios of military tension or energy problems, many farms are forced to shut down.
That means less selling pressure as long as the conflict lasts.