Bitcoin traders are banking on a big rebound once Tax Day passes

Fundstrat’s Tom Lee makes the case for a big bitcoin rally post-tax day.

Bitcoin prices were lower Monday ahead of the much-anticipated tax deadline, which bullish pundits say has been holding back the digital currency this year.

The cryptocurrency was trading near $8,025.55 as of 2:03 p.m. ET Monday following its best week since February, according to CoinDesk. It has dropped more than 40 percent since Jan. 1, after starting this year above $14,000.

“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.

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There is a mixed sentiment in regards whether or not BTC will rebound after “Tax Day” today.

IMO for Bitcoin to have a proper rebound, it needs first to break through the 9k resistance line.  I remain conservatively non Bullish.

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