Bitcoin price analysis: BTC/USD holding on to 50% Fibo; CoinShares CEO sees Bitcoin hitting $20,000 after ‘structure’ improves

  • CoinShares CEO, Danny Masters advocates for transparency, clarity and better expectations for investors.
  • Bitcoin price upside target is $8,500, but first, buyers must clear the resistance at $8,300 and $8,400.

Bitcoin price has been locked below $8,400 for a couple of days now. In fact, the largest virtual currency is down a subtle 0.13% on Thursday at the time of writing. On the other hand, the downside movement has also been stopped above $8,170 and BTC/USD is holding tight to the support provided by the 50% Fib retracement level with the previous swing high of $9,898 and a low $6,450.

The CEO of CoinShares has shared his bullish sentiment about Bitcoin, noting that the cryptocurrency has the capability of beating its all-time high if the industry “builds” on the ecosystem. “We need to see this structure continue to build,” Danny Masters said on CNBC’s Fast Money program. Moreover, went ahead to single out the things that must be accomplished for Bitcoin to hit $20,000 again. He continued:

“We need to see the custody solutions come and be provided. We need indices and we need performance measures where we can actually start to understand what we're talking about and measure our performance. We need to do more mature work around the ICOs… and just give investors more clarity, better expectations, more transparency.”

Bitcoin price is trading at $8,276, but it has broken below the bullish trend line that puts the next bullish target at $8,500. At the moment, immediate resistance is being felt at $8,300, although $8,400 is the major hurdle to the upside. Support areas are in plenty as observed on the charts, for instance, as mention the 50 % Fibo is providing immediate resistance. However, other support zones are at $8,250, $8,100 and $8,000.

BTC/USD 4-hour chart



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Top 3 Coins Price Prediction: BTC upside capped at $11,600

Twitter and Square CEO Jack Dorsey has yet again reinstated his support for Bitcoin. Bitcoin options open interest is hovering at around 134,000 contracts. Crypto Bitlord accused Ripple of not doing anything to improve ...

More Bitcoin News

Neo Market Update: NEO charts yearly highs, as it readies for DeFi

The new Neo update increases the overall block size limit and improves overall network health. The 4-hour NEO chart has formed the head and shoulders pattern. The Neo Global Development (NGD) has ...

More NEO News

VeChain Price Analysis: VET looking to re-test $0.017 in the short-term

VET is currently trading at $0.0147 after a notable bounce from its low in September at $0.01. VET price is facing some resistance in the form of the 12-EMA at $0.0148. VeChain had a steep correction after its peak on August 7, and it’s ...

More VeChain news

Palm Beach Confidential releases new report highlighting Maker, Enjin Coin, and Numeraire

The newest confidential release from Palm Beach includes several coins like Maker, Enjin, and Numeraire. The company has been giving picks to investors for years now.

More Cryptocurrencies News


Bitcoin Weekly Forecast: BTC crystal ball gives bulls a faint flicker of hope

Bitcoin staged a healthy recovery this week. The pioneer digital currency price took off from the support area of $10,000 and touched the next psychological line of $11,000.

Read the weekly forecast