Bitcoin Holds Strong at $118K — Is a Break Above $150K Coming If the GENIUS Act Passes?

Jakarta, Pintu News – As reported by Coingape, the price of Bitcoin (BTC) continues to consolidate as the recent bullish movement has paused, and traders await the outcome of the vote on the GENIUS Act.

Bitcoin was briefly trading at $118,825, slightly lower than its all-time high of $123,000, while analysts predict further upside potential if the GENIUS Act is approved.

Then, how is the current Bitcoin price movement?

Bitcoin Price Up 0.83% in 24 Hours

On July 17, 2025, the price of Bitcoin was recorded at $118,345, equivalent to IDR 1,925,867,323 — marking a slight increase of 0.83% over the past 24 hours. During this time, BTC dipped to a low of IDR 1,908,886,376 and peaked at IDR 1,950,592,989.

According to CoinMarketCap, Bitcoin’s market capitalization now stands at around $2.35 trillion, with trading volume in the last 24 hours falling 22% to $72.4 billion.

Read also: Ethereum Skyrockets to $3.350 Today — Is This the Start of ETH’s Next Massive Bull Run?

Crypto Analyst Predicts Bitcoin Price to Reach $150,000

Crypto analysts and investors believe that the recent bullish movement in Bitcoin price could continue if the US House of Representatives approves the GENIUS Act today.

In a post on X, Crypto Rover, a well-known analyst, predicted that the price of this coin would eventually jump over $150,000 if this were to happen.

He argues that BTC prices have historically spiked after major events, including the election of Donald Trump, and the recently approved Big Beautiful Bill. Therefore, he sees the GENIUS Act as another catalyst for the coin.

Other Bitcoin Price Increase Predictions

Other analysts have also recently increased their Bitcoin price predictions. BlackRock expects the price of BTC to rise over $700,000 over time, while Ark Invest expects it to reach $2.4 million in the long run.

This week, analysts from Bernstein and TD Cowen also issued their bullish views.

Meanwhile, there is a possibility that the House of Representatives will approve the GENIUS Act today. In a statement on Tuesday (July 15), Trump said that he had met with 11 of the 12 members of Congress who opposed the bill and they agreed to support it.

The GENIUS Act is one of the bills being considered during this crypto week. This bill would regulate stablecoins by creating rules that issuers must comply with, including regular disclosures and audits.

They must also back up their reserves with fiat currency and government bonds.

Read also: 3 Crypto that will Rise Today (7/17/25): Memecoin Shows Bullish Signal, Time to Buy?

Technical Analysis of BTC Price

According to Coingape, the daily timeframe (16/7) shows that Bitcoin price experienced a parabolic surge last week as investors waited for crypto week. The price remains above the important resistance level at $110,000, the upper side of the cup-and-handle pattern.

The C&H is a common continuation pattern, consisting of a rounded bottom. The handle, in this case, formed as a descending channel between May 22 and July 2.

The price of BTC is also forming a bullish flag pattern and remains above all moving averages. The 50-day and 100-day averages have provided significant support in recent months.

The profit target in this case is determined by measuring the distance between the top of the cup and its lowest point. This height is $34,500 ($109,220 minus $74,723). This is also the height of the flagpole.

By adding this high to the upper side of the cup, the price target becomes $144,500. If the price passes this target, it is likely that the Bitcoin price will reach $150,000.

However, the surge to $150,000 is unlikely to be linear, and the coin may experience some temporary dips as investors sell based on the news.

In this case, a break-and-retest pattern is likely to form with a move back to $110,000, and then resume the uptrend.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• Coingape. Bitcoin Price Prediction- Analyst Calls for $150k Next if House Passes GENIUS Act Today. Accessed on July 17, 2025