Off to the races': Bitcoin is wrapping up its best week of the year with a 25% gain over the past six days

Bitcoin HODLers are seeing some light in the bear-market tunnel.

While it remains to be seen whether it’s the end of this year’s slump, the 23 per cent gain over the last five days has them cheering. The largest cryptocurrency is heading for its biggest weekly advance since just before it peaked at almost US$20,000 in December. Other large cryptocurrencies such as Ether, Ripple, Bitcoin Cash and Litecoin are up at least 6 per cent Friday.

Bitcoin is inching back up after it slumped 52 per cent in the first quarter, its worst start of a year ever. The approaching deadline to report taxes in the U.S., which means investors are done selling crypto to pay off outstanding balances, and a squeeze against a record short position on Bitcoin are adding to the rally, said John Spallanzani, a portfolio manager at Miller Value Partners.