Bitcoin (TIKER: BTC.EXANTE) investors expect the price of the cryptocurrency to bounce back after Tax Day, which many say has put pressure on the cryptocurrency this year, CNBC reports.
"Tax-selling has been a significant factor in downward crypto prices over the past few weeks. I would expect this downward pressure to abate after tax day," said Spencer Bogart, partner at Blockchain Capital.
Tom Lee, head of research at Fundstrat Global Advisors, said on Sunday that Bitcoin may be hitting a similar bottom to where it was a month before it hit $20,000 in 2017.
Lee has predicted that the cryptocurrency will hit $20,000 by the middle of the year and $25,000 by the end of 2018.
Venture capitalist Tim Draper predicted last week that Bitcoin will reach $250,000 by 2022.
By Jade Olafson