The Bitcoin price continued to consolidate today, July 16, as the recent bull run took a breather, and traders await the vote on the GENIUS Act in the House. BTC was trading at $118,825, a few points lower than the all-time high of $123,000 as analysts predict more gains if the GENIUS Act is passed.
Crypto Analyst Predicts Bitcoin Price to Hit $150,000 if GENIUS Act Passes
Crypto analysts and investors believe that the recent Bitcoin price bull run could resume if the House passes the GENIUS Act today. In an X post, Crypto Rover, a popular analyst, predicted that the coin would ultimately jump to over $150,000 if this happens.
Bitcoin Price Forecast | Source: CryptoRover
He argues that BTC price has historically jumped after major events, including Donald Trump’s election, and the recently passed Big Beautiful Bill. As such, he sees the GENIUS Act as the other catalyst for the coin.
Other analysts have recently pushed forward their Bitcoin price forecasts. BlackRock anticipates it will rise to over $700,000 over time, while Ark Invest expects it to reach $2.4 million in the long term. This week, analysts at Bernstein and TD Cowen also pushed bullish outlooks.
There are odds that the House will pass the GENIUS Act today. In a statement on Tuesday, Trump said that he had met with 11 of the 12 Congressmen who voted against the bill and that they had agreed to support it.
GENIUS Act Trump Statement
The GENIUS Act is one of the bills being considered during this crypto week. It will regulate stablecoins by creating rules that issuers will need to have, including regular disclosure and auditing. They will also need to back their reserves with fiat currencies and government bonds.
BTC Price Technical Analysis
The daily timeframe shows that the Bitcoin price went parabolic last week as investors waited for the crypto week. It remains above the important resistance at $110,000, the upper side of the cup-and-handle pattern.
C&H is a common continuation pattern made up of a rounded bottom. The handle, in this case, happened as a descending channel between May 22 and July 2.
BTC price also formed a bullish flag pattern and has remained above all moving averages. The 50-day and 100-day averages have provided it with substantial support in the past few months.
The profit target in this case is established by first measuring the distance between the cup’s upper side and its lower point. This height is $34,500 ($109,220 minus $74,723). It is also the height of the flagpole.
By adding this height to the upper side of the cup, the price target becomes $144,500. A move above that target will raise the possibility of the Bitcoin price hitting $150,000.
Bitcoin Price Chart
However, the surge to $150k will likely not be linear, and the coin may suffer some pullbacks as investors sell the news. In this case, it is likely that it will form a break-and-retest pattern by moving back to $110,000, and then resuming the uptrend.
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crispus
Crispus is a seasoned Financial Analyst at CoinGape with over 12 years of experience. He focuses on Bitcoin and other altcoins, covering the intersection of news and analysis. His insights have been featured on renowned platforms such as BanklessTimes, CoinJournal, HypeIndex, SeekingAlpha, Forbes, InvestingCube, Investing.com, and MoneyTransfers.com.
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