Brian Kelly, the founder and CEO of BKCM LLC, an investment company focused on cryptocurrencies, came out bullish on Bitcoin Cash (BCH) on CNBC May 21.
On Saturday, BCH miners reportedly had a meeting dedicated to funding for a BCH development fund. Miners are looking to allocate some part of the reward they receive from mining and invest it to expand the BCH ecosystem, Kelly explained. The fund development could aid the rise of the cryptocurrency’s value.
After the price surge to $1600 on May 5, BCH subsequently declined to the 50-day SMA and formed a head and shoulders pattern, which has a target objective of $650. Over the last 24 hours, BCH has lost almost 5.8 percent in price, from $1290 to $1205. Still it is valued significantly higher than its April level of $760.