One of the frequently used classes of the sparse reconstruction algorithms is based on the iterative shrinkage/thresholding procedure, where the thresholding parameter controls a trade-off between the algorithm accuracy and the execution time. In order to avoid this trade-off, we propose using a fast intersection of confidence interval method in order to adaptively control the threshold value through the reconstruction algorithm iterations. We have upgraded the two-step iterative shrinkage thresholding algorithm with a such procedure, improving its performance. The proposed algorithm, denoted as the FICI-TwIST, along with a few selected state-of-the-art sparse reconstruction algorithms have been tested on the classical problem of image recovery by emphasizing the image sparsity in the discrete cosine and the discrete wavelet domain. Furthermore, we have derived a single wavelet transformation matrix which avoids wrapping effects achieving significantly faster execution times when compared to more traditional function based transformation. The obtained results indicate competitive performance of the proposed algorithm, even in cases where all algorithm parameters have been individually fine-tuned for best performances.