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Analysis

Brian Kelly Sees The Bitcoin Price Decline As ‘A Short-Term Event’

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In the latest Bitcoin news, we are reporting a statement from the last edition of the CNBC Fast Money show where Brian Kelly expressed his beliefs about the future of Bitcoin. In the wake of a struggling market where Bitcoin dropped by more than 11%, Kelly emphasized that the future of BTC still seems bright.

The founder and CEO of BKCM, an investment management firm focused on global macro and currency investing, has stated that the recent drop of BTC and the rest of the crypto market could be attributed to the civil war of Bitcoin Cash (BCH).

As he said during the show:

“After some real quiet period, lowest volatility, almost in Bitcoin history, all of a sudden today things exploded, so what happened? Bitcoin Cash, which forked off of Bitcoin last year, is doing a hard fork. Now, when you do a hard fork, everybody usually agrees. But in this particular case, everybody is not agreeing. So we’ve got ourselves a crypto civil war, and that has people in the market concerned,” Kelly said.

Aside from this, if the hash rate war between CoinGeek and Bitcoin Cash continues, then it will likely have a negative impact on both Bitcoin and Bitcoin Cash. As the most dominant cryptocurrency in the market, any negative sentiment around Bitcoin will pose an effect on the rest of the market.

“People are concerned that both Bitcoin and Bitcoin Cash markets, their networks might slow down, they might not work as well, the software upgrade may not go through or if it does go through, we will end up with some chaos. People started selling, that triggered stops, everybody got concerned. The entire market settled down. In my view, a very short-term event,” concluded Kelly while summing up his view on the current downtrend.

Many analysts are now asking if the hash power between CoinGeek and BCH caused the drop. If that is the case, however, we could see the crypto market recovering in the weeks to come.

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