The Financial Times just dropped a piece claiming $BTC is "overvalued by $69,000." Honestly? Their timing is so bad it’s almost impressive.

While the suits in newsrooms are busy writing eulogies, the on-chain data is screaming something completely different. We’ve seen this movie before: the mainstream media panics at the exact moment smart money starts shopping. If you’re looking for a sign that the local bottom is in, this is it.

The Gap Between Headlines and Reality

Let’s look at the actual math, because feelings don't pay the bills.

  • MVRV is sitting at 1.255. That’s smack in the middle of the "fair value" zone.

  • NUPL is in the "Hope" phase. * Realized Price support is rock solid at $55,171.

Does this look like a massive bubble about to pop? Not even close. We just survived a brutal flush—prices dipped to $60k, wiped out $2.6 billion in over-leveraged longs, and then snapped right back above $70k. The Fear & Greed Index hit a floor of 5-8. That isn’t just "fear"; that’s a total emotional collapse. Historically, when the media screams "bubble" while investors are this terrified, the upside is massive.

Crypto Twitter: The Ultimate Sentiment Filter

The reaction on X (formerly Twitter) tells the real story. Nobody is actually scared of the FT article; they’re using it as a buy signal.

  • The "Dip Buyers" are laughing. They remember the ECB declaring Bitcoin dead at the bottom of 2022.

  • The "Data Nerds" are pointing to the fact that Google searches for "Bitcoin" just hit a 12-month high. Retail is waking up, but they’re coming into a market where leverage has already been reset.

  • The "FUD Immune" crowd is just tired. They’ve heard this since Bitcoin was $100.

The divide is peak irony: The same institutions that mocked Bitcoin at $1,000 are calling it overpriced at $70,000, yet institutional wallets are still accumulating. The headlines aren't driving the price—they’re just trailing the action.

Don't Overestimate the Noise

Look, it’s fun to dunk on legacy media, but don't get distracted. The media doesn't set the price of Bitcoin; the liquidity and realized support do.

The funding rates have flattened out. The "dumb money" leverage is gone. We are in a tactical window for long positions, even if it’s not a straight line up to $100k.