The US Senate has failed to schedule the CLARITY Act, in a move that has driven speculation around the bill dying if it misses the April window. The highly anticipated bill is set to boost crypto adoption if it passes, and could drive a strong rebound across the market. However, with this delay, a price forecast for Bitcoin, Ethereum, and XRP suggests that key resistance levels may hold if buyers who were initially pricing in a rally remain hesitant.
CLARITY Act Risks Delay as Senate Fails to Schedule Bill
CLARITY Act is expected to delay further despite pro-crypto US senators pushing for the bill. A recent release of the Senate schedule for next week revealed that the bill is not among the list of priorities.
The Chairman of the US Senate Banking Committee, Tim Scott, noted that the only deliberation happening during the week is a nomination hearing for Kevin Warsh to become a member and chairman of the Board of Governors of the Federal Reserve System.
Earlier, Senator Cynthia Lummis had said that the CLARITY Act had a small window for it to pass, failure to which it would have to wait until 2030. Her sentiments come as the US mid-term elections near, with speculation that if the Senate markup period ends with no CLARITY Act passage, the bill would be delayed as politics take the center stage.
Bitcoin Price Forecast as bears Defend $74,884 Resistance
Bitcoin price traded at $73,660 at press time with a 1.22% decline in 24 hours. The daily chart shows that the uptrend that saw BTC briefly break $75K yesterday ended after the price faced rejection at $74,884 again, with this level also being the neckline of a double bottom pattern.
If bulls can break this resistance and confirm it as a strong support level, a 13.94% rally could ensue, pushing the price to $85,309. The EMA levels support this long-term Bitcoin price forecast after the 20-day EMA converged with the 50-day EMA, which is a sign that the short-term outlook is favoring bulls.
The AO bars also show that despite concerns around the CLARITY Act delay, the momentum remains bullish. Hence, it is highly likely that BTC breaks the $74,884 resistance and continues its move upwards.
XRP Price Forecast as Bullish Breakout Fails
XRP price is trading within a symmetrical triangle pattern on its four-hour chart, a sign that a breakout is looming. Bulls attempted to make an upward breakout above the upper trendline, but this failed after the price hit resistance at $1.37 after Bitcoin price retreated.
This rejection has caused a trend reversal, with XRP price dropping by 1.47% in 24 hours to trade at $1.35 at press time. Technical indicators are also favoring bears, after the RSI indicator made a bearish reversal and dropped below the signal line. This indicator now has a reading of 50, showing that the short-term sentiment is neutral. The AO bars also show a similar outlook after turning red, indicating that bears are now in charge.
However, if the current pullback is a short-term reversal caused by sellers who took profits after a surge in XRP price yesterday, the uptrend could resume, and a breakout above the $1,37 resistance could drive another 7% rally.
Ethereum Price Forecast as 4-Hour Bull Flag Signals Bullish Continuation
The Ethereum price forecast is also leaning bullish despite the ongoing sell-off in the crypto market today, April 15, with Bitcoin price also dropping. At press time, ETH traded at $2,314 with a 2.45% drop in 24 hours. However, this drop has now formed a bull flag pattern, suggesting that the ongoing fall could be a cool-off before the rally continues.
The height of the flagpole suggests that if Ethereum can move past $2,394, the price will increase by another 10% to around $2,600. If ETH gets to this point, a long-term Ethereum price forecast suggests that bulls might target the psychological resistance level at $3,000.
The ADX line is dropping, supporting the thesis that the ongoing decline is simply a bull flag formation. Once the weak hands selling to take profits exit the market, the rally could continue.