And sentiment towards bitcoin seems to be turning positive as StockPulse which provides an overall feeling towards a certain asset by using social media, shows mood is improving.
To calculate sentiment for the financial markets, StockPulse evaluates more than one million messages, forum posts, comments and tweets every trading day.
The current mood show vast improvements for short-term price developments as its buzz value for cryptos on the whole now stands at 51 percent.
Bitcoin is currently priced at $8,025 after falling below to the $7k mark earlier today.
Joshua Mahony, market analyst at IG an online trading and investment provider said: “We are finally starting to see some light as a relatively gloomy period seemingly draws to an end.
“With many challenges from national level hitting the headlines over those months, it is no surprise that crypto prices took a hit.
“However, there is a growing feeling within the crypto community that we will soon turn the corner.
“Any gains for the last US tax year having to be declared this week, there is a hope that the recent selling pressure driven by cash poor, crypto rich investors will now end, leaving us set for a summer recovery for bitcoin and its smaller peers.”
Przemek de Skuba Skwirczynski, senior vice president and head of research at the ICO Rocket, said: “I believe the mood on major cryptocurrencies already turned positive in the first week of April, as visible from the BTCUSD and ETHUSD currency pairs.”
As bitcoin breached the $8,000 mark, Olga Feldmeier, CEO of Smart Valor a blockchain startup building a decentralised marketplace for tokenised alternative investments said that before the price rise, there had been signs that the sentiment around bitcoin was getting more positive.
Ms Feldmeier said: “I think this incident could become the ignition for the next bull phase, for which a lot of investors were waiting for a long time and will be happy to support now. I believe that we will see a comeback to the height achieved at the end of 2017, this year.
“Over the period of next 2 years I still predict we could see it reach a value of $100,000.”
StockPulse however, also shows ethereum to have a negative sentiment of -33.6 points.
Ripple is also experiencing a negative sentiment of -9.2 points.
(Additional reporting by Monika Pallenberg.)