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

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