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Major news outlets The Wall Street Journal, the Financial Times and The New York Times published just 13 articles on Bitcoin in Q2, according to research from Perception.
Mainstream media coverage of Bitcoin and crypto in the second quarter was polarized and lacking in volume despite the cryptocurrency reaching an all-time high, says market intelligence firm Perception.

There were a total of 1,116 articles published by 18 mass media outlets in the second quarter, which revealed a “deeply polarized narrative landscape” in media coverage of digital assets, according to the firm’s report released on Tuesday.

The report didn’t draw direct comparisons to previous quarters, but said the overall sentiment toward Bitcoin
BTC
$108,564
saw a “dramatic divergence between outlets,” with 31% publishing positive articles, 41% giving neutral coverage, and 28% publishing negative articles.

The report claimed a stark dearth of news coverage from “elite financial publications” such as News Corp’s The Wall Street Journal, which published just two articles on Bitcoin in Q2, while the Financial Times and The New York Times published 11 articles on Bitcoin over the period.
Perception said it identified three distinct narratives on how a major outlet covers Bitcoin, which largely depended on the level of what they claimed was “editorial blindness from agenda-setting outlets.”

The three narratives were “enthusiastic adoption” from the likes of Forbes and CNBC, “willful blindness” from the likes of the Journal and the Financial Times, and “persistent skepticism” from traditional media.

High-volume financial media such as Forbes, CNBC and News Corp’s Barron’s filled the vacuum left by the top financial publications with extensive coverage, while traditional news outlets concentrated on crime and controversy, Perception said.

Crypto topic distribution varies among news media
These three outlets accounted for just 2% of all of the mass media Bitcoin and crypto coverage for the second quarter.
Mass media has 3 reporting narratives on Bitcoin
The research also found significant variation in topics regarding the crypto industry.

Forbes focused on retail adoption, Bitcoin mining, and institutional adoption as major topics, while CNBC had a heavy focus on banking and finance, market analysis, and investment vehicles.

Related: ‘Bad breach of ethics’ — Musk echoes crypto execs in backlash against WSJ

Meanwhile, Fortune had significant coverage of mining, banking, finance, and market analysis, while Fox News emphasized crime, legal, and cybersecurity topics.
Topic sentiment from CNBC, which produced 141 articles on Bitcoin in Q2. Source: Perception
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Analyst Sees Path for Bitcoin to Reach $250K This Cycle
Michaël van de Poppe bases this bullish outlook on bitcoin’s current consolidation near $100,000, which he sees mirroring extended pauses before previous massive bull runs, and a strong correlation with expanding global money supply.

In his recent Youtube video, Van de Poppe highlights the significant correlation between bitcoin’s price and the M2 money supply, a measure including cash, demand deposits, savings, and certain money market funds. He notes that M2 contracted significantly between 2021 and 2023 but has recently begun climbing again, particularly with potential Federal Reserve interest rate cuts anticipated.

“When more money floods the system, much of it flows into assets that act as a hedge against inflation,” the analysis states, positioning bitcoin as a beneficiary.

Key differences from the 2021 peak, according to him, include the current restart of money printing after a period of tightening, elevated interest rates (though potentially falling), a declining U.S. dollar, and the major new influence of U.S. spot bitcoin exchange-traded funds (ETFs). He argues that exchange-traded fund (ETF) inflows alone have propelled bitcoin to its current valuation, suggesting even greater upside potential exists.

“If that capital alone brought us here, we may be underestimating how far this bull run can go,” van de Poppe observes.

The trader references historical cycles and a “banana zone” chart overlaying bitcoin with business cycle data, indicating explosive upward phases often begin after prolonged consolidation near key psychological levels – similar to bitcoin hovering near $10,000 before the 2020 surge. With bitcoin consolidating near $100,000 for roughly eight months, similar to the pre-2020 breakout period, he believes the market is at equilibrium and primed for significant gains.

“It suggests we’re at an equilibrium and ready to move higher,” the transcript details.

Based on the M2 trajectory and historical seasonal strength in crypto markets, van de Poppe sees a path for Bitcoin to reach $160,000-$180,000 within three months. Looking further ahead, he projects the potential for much higher levels by year-end 2025. “If Q4 continues the trend, bitcoin reaching $250,000—or more—is absolutely possible,” van de Poppe states directly.

He declared:

Bitcoin is on its way to $250,000 in 2025.

While bullish, the trader acknowledges potential for a longer, more drawn-out market cycle peaking in 2027 or 2028, and notes current underperformance in altcoins, creating a pricing disconnect he views a
s a major opportunity.