Bitcoin Community Rejects FT's $0 Prediction Amid Extreme Market Fear

VADODARA, February 8, 2026 — The cryptocurrency community is mounting a coordinated pushback against a Financial Times column predicting Bitcoin's eventual collapse to zero, according to U.Today's reporting. This latest crypto news emerges as market sentiment indicators flash extreme fear signals, creating a contradictory environment where media skepticism clashes with Bitcoin's technical resilience above the $70,000 psychological threshold.

Investigation: Media Narrative Clash With On-Chain Reality

Financial Times columnist Jemima Kelly published a bearish analysis arguing Bitcoin remains overvalued in its current range. According to the source report, Kelly employed a cinematic analogy comparing BTC holders to the protagonist of French film 'La Haine' who falls from a skyscraper while repeating "so far, so good" before impact. The column's core thesis suggests Bitcoin's eventual valuation will approach zero.

Market participants responded with immediate criticism across social platforms. One X user characterized such media coverage as "outdated, incompetent, and arrogant," suggesting such bearish narratives historically precede bullish price movements. Other industry commentators echoed this sentiment, interpreting the FT's declaration as a contrarian signal. Market structure suggests this reaction reflects deeper institutional skepticism toward traditional financial media's cryptocurrency coverage.

Market Context & Historical Precedent

Historically, mainstream media declarations of Bitcoin's demise have frequently coincided with accumulation phases. The 2018 bear market bottom saw similar predictions from established financial publications, followed by a 300% recovery over the subsequent 18 months. In contrast, the current environment presents a unique contradiction: extreme fear sentiment coexists with Bitcoin maintaining critical support above $70,000.

Underlying this trend, on-chain data indicates sustained accumulation by long-term holders despite the negative media coverage. The UTXO Realized Price Distribution (URPD) metric shows increased buying activity between $68,000 and $72,000, suggesting institutional players are treating current levels as a value zone. This creates a fundamental disconnect between media narratives and capital flow realities.

Related developments in this extreme fear environment include high-profile bets between institutional investors and crypto search volumes hitting 12-month lows, indicating retail disengagement despite the media attention.

Technical Architecture & Price Action

Bitcoin currently trades at $70,885, representing a 2.25% gain over the past 24 hours. The daily chart reveals a critical order block between $68,500 and $69,200 established during the February 5th liquidity grab. This zone now serves as immediate structural support. A breakdown below this level would invalidate the current bullish market structure and potentially trigger a retest of the $65,000 Fibonacci 0.618 retracement level from the January rally.

Volume profile analysis shows declining volume on downswings, suggesting weak selling pressure despite the extreme fear sentiment. The 50-day exponential moving average at $72,400 acts as immediate resistance, with a decisive break above potentially triggering a short squeeze. The Relative Strength Index (RSI) on the 4-hour timeframe sits at 48, indicating neutral momentum despite the negative media narrative.

Market structure suggests the current price action represents consolidation within a larger range. The weekly chart shows Bitcoin respecting the $69,000 support level that previously acted as resistance during the Q4 2025 rally. This polarity flip strengthens the technical case for continued accumulation at current levels.

By The Numbers

Why It Matters

This media-community clash matters because it reveals the growing disconnect between traditional financial narratives and cryptocurrency market realities. According to on-chain data from Glassnode, Bitcoin's Network Value to Transactions (NVT) ratio remains within healthy historical ranges, contradicting claims of extreme overvaluation. , the SEC's official Bitcoin ETF approval documentation establishes regulatory recognition that fundamentally contradicts zero-value predictions.

Institutional liquidity cycles suggest traditional media skepticism often precedes institutional accumulation phases. The current extreme fear sentiment, combined with sustained price above $70,000, creates a potential setup similar to Q1 2023 when similar conditions preceded a 150% rally. Retail market structure shows decreased leverage positions according to exchange data, reducing systemic risk despite the negative headlines.

Expert Commentary

"Media narratives frequently lag behind on-chain realities. The current extreme fear sentiment combined with Bitcoin's resilience above $70,000 suggests we're witnessing institutional accumulation disguised as retail panic. Historical cycles indicate such disconnects between narrative and price action often resolve bullishly."— CoinMarketBuzz Intelligence Desk

Market Outlook & Price Scenarios

Market structure suggests two primary scenarios based on current technical levels and sentiment indicators.

• Bullish Invalidation Level: $72,400 (50-day EMA). A decisive daily close above this level with increasing volume would confirm a trend reversal and potentially target the $75,000 resistance zone.
• Bearish Invalidation Level: $68,500 (February 5 order block low). A sustained break below this level on increasing volume would invalidate the current bullish structure and open a path toward $65,000 Fibonacci support.

The 12-month institutional outlook remains cautiously optimistic despite media skepticism. Bitcoin's upcoming halving event in 2028 continues to anchor long-term valuation models, with stock-to-flow cross-asset comparisons suggesting fair value between $85,000 and $95,000 in current market conditions. The Federal Reserve's monetary policy trajectory, particularly regarding interest rate cuts, will likely serve as a more significant price driver than media narratives over the 5-year horizon.