Cryptocurrency analysts and investors believe that the recent surge in Bitcoin's price could resume if the House of Representatives approves the GENIUS Act today. In a post on X, Crypto Rover, a popular analyst, predicted that the currency could exceed $150,000 if this happens.
He argues that the price of BTC has historically risen after major events, such as the election of Donald Trump and the recent approval of the Big Beautiful Act. Therefore, he considers the GENIUS Act as another catalyst for the currency.
Other analysts have recently advanced their forecasts for the price of Bitcoin. BlackRock anticipates it will exceed $700,000 over time, while Ark Invest expects it to reach $2.4 million in the long term. This week, analysts from Bernstein and TD Cowen also boosted their bullish outlooks.
The House of Representatives is likely to approve the GENIUS Act today. In a statement issued on Tuesday, Trump claimed to have met with 11 of the 12 congressmen who voted against the bill and who agreed to support it.
The GENIUS Act is one of the bills being considered during this cryptocurrency week. It will regulate stablecoins by creating standards that issuers must comply with, including disclosure and periodic audits. They will also need to back their reserves with fiat currencies and government bonds.