"Consolidation should always have been their aim, I think expectations maybe got a bit too high," he said.
"The people in charge have been talking about back-to-back promotions into the Premier League, so maybe that was a factor."
Chairman Darragh MacAnthony has indicated that he intends to hire an up-and-coming manager to replace Ferguson.
Hyde says they may be better off with a more experienced alternative with a good knowledge of the Championship.
"I'm not too sure what they are looking for, but a lack of experience must have played some part as to where they are in the league at the moment," he said.
"Overall I think Darren was doing alright, so you would think that having let him go they must want to try a different approach."
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