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Bitcoin Is “About $70,000 Too High”?
The crypto market was eviscerated last week. BTC slumped to a historic low, coming eerily close to as little as $60,000 — roughly 50% down from its record peak a mere four months ago.
While Bitcoin has since rebounded just above $70,000, it comes at a gloomy cost: it has erased all of the gains since President Donald Trump won the election against Kamala Harris in November 2025.
Spectators aren’t presumably hopeful about an imminent strong recovery, with some critics predicting the absolute worst.
The article, written by FT columnist Jemima Kelly and entitled “Bitcoin is still about $70,000 too high,” claims that the world’s largest and oldest cryptocurrency is headed to zero.



 Kelly likened Bitcoin investors to the main character in the French film La Haine, who reassures himself with the phrase “so far, so good” while falling from a skyscraper — moments before hitting the ground.
According to her, the supply of “greater fools” is finally drying up, suggesting that that no one will buy an already overvalued asset anymore.
A Contrarian Signal
Seasoned market observers often view mainstream media proclaiming Bitcoin’s demise as a potential signal that the market has reached its bottom.
One user on X suggested that such coverage from traditional outlets often precedes a market rebound, arguing that negative media narratives tend to emerge just before Bitcoin begins to rally.
“NOW we can confidently say Bitcoin’s bottom has been reached. When outdated, incompetent, arrogant media start posting…is when Bitcoin starts flying,” the user wrote on X.
The view was shared by several other onlookers within the crypto industry. “Bitcoin at $69k signals institutional accumulation more than retail panic. When legacy media calls a top, it’s smart money loading — not a market peak. The FT has been wrong on every major BTC move since 2017. History repeats,” another X user stated.
Other responses were more blunt, criticizing the Financial Times and questioning its influence and relevance in an increasingly digital landscape.
Meanwhile, the leading crypto is up approximately 10% from Friday’s low of $62,822 and is currently trading at $68,808, according to CoinGecko data.
