Bitcoin is currently priced at $8,896 after hitting a high of $9,003 late last night.
Industry experts attributed much of bitcoin’s decline in the last two months to investors cashing out to pay taxes on last year’s capital gains. With the US tax deadline behind, analysts speculate Bitcoin’s recovery to $20,000 will now march on.
Tom Lee of Fundstrat Global Advisors told CNBC: “We believe the ‘winter’ is ending for Bitcoin, as the crypto to fiat pressures from tax day subside, and as headline risks seem to be fading.”
Pointing to the CoinsharesCrypto ETF – a leading indicator for bitcoin prices – he said: “We believe large institutional investors globally use this ETF as a way to quickly gain exposure to Bitcoin.