CNBC analyst Brian Kelly believes Bitcoin (BTC) still possesses more downside potential even as it trades at over 70% off its all-time high.

On CNBC’s Fast Money, Kelly says the flagship crypto could still fall nearly 50% from current levels as the macro environment worsens.

“The good news is that I do think we are getting a lot closer to a generational bottom. The bad news is that it might not be until Bitcoin hits $10,000.”

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