Bitcoin surged to its highest level in over a month Tuesday, continuing its post-Tax Day rebound.



The cryptocurrency traded at a high of $9,293.66 on Tuesday morning, according to CoinDesk data, which tracks the price of bitcoin across a number of exchanges. It was the highest price for bitcoin since March 14.

Bitcoin had its worst first quarter ever this year, falling 48 percent.

Much of the decline has been attributed to people selling bitcoin for fiat currency to pay for taxes. The Internal Revenue Service (IRS) views bitcoin and other cryptocurrencies as property, meaning profits from transactions are subject to capital gains tax.

Another factor that weighed on cryptocurrency prices included increased regulatory scrutiny globally.

Bitcoin saw a huge run up in price in 2017 and hit a record high above $19,000 towards the end of last year.

Some analysts are still bullish on the digital coin. Tom Lee, co-founder and head of research at Fundstrat Global Advisors, has a $20,000 price target for bitcoin this year. He is the only major Wall Street strategist to issue bitcoin price targets.

Venture capitalist Tim Draper, an early investor in Tesla, Hotmail and Skype, said in a recent talk that bitcoin will be "bigger than all of those combined."