Obviously you need to improve your financial education regarding the theory of currencies. I'd recommend some books, but it may be easier to start here:
https://www.coinfairvalue.com/reference/ Good luck
Unfortunately in this world now the only thing that counts is Perceived value.
perceived value is just one component, especially if we account for differing perceptions.
For example, there is mass market perception that goes along with price movement; however, mass market perception can be manipulated by smart money - but only so far.
There is smart money perception that can push and push its manipulation, but they can only manipulate momentum for so long.
I would say that mass market perception is an indicator that lags based on price and price movement, while smart money perception pushes the price (not always in the direction of their perception, thus the concept of manipulation against perceived value in order for smart money to accumulate or to otherwise undermine their own perceptions of value of such asset).
Even in the time that I have been in bitcoin, there have been times that we have seen an inability for smart money (the bears) to non longer be able to keep the price down, and even though overall perception may have been DOWN on bitcoin, the bitcoin price moved up, and up and up... take the $500 price point as an example... BIG money (whales) would have loved to have been able to keep BTC prices below $500 for much beyond May 2016... but at that time, they pretty much lost control of keeping BTC prices down, public sentiment about BTC remained down, and likely did not really become bullish about BTC until late 2017.
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