Bitcoin Price Prediction: As Arthur Hayes Explains Why Fed Rate Cuts Fail to Boost BTC, Bulls Flock to Buy This SHIB 2.0

bitcoin price rose 1% in the last 24 hours eth/pools/0xcbcdf9626bc03e24f779434178a73a0b4bad62ed”>to be traded at $59,234 at 12:49 a.m. EST despite trading volume falling 16% to $23.8 billion.

The Federal Reserve is on the verge of cutting interest rates, following in the footsteps of the European Central Bank (ECB), the Bank of England and the People's Bank of China. There is now a 76% chance that the Fed will cut interest rates by 0.25 percentage points this month.

Arthur Hayes, co-founder and former CEO of BitMEX, has shared his reasons why the Fed's interest rate cuts may not significantly impact the price of bitcoin.

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My theory on why the Fed's rate cuts aren't going as planned.

Since JAYPOW announced the September rate cut at J-Hole, twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw”>$btc It's down 10%, right? I thought rate cuts were good for risk assets.

The RRP pays 5.3%; no one-year Treasury bill pays more. The MMF will transfer money from the Treasury bill to the RRP, which is liquid.

From…

— Arthur Hayes (@CryptoHayes) twitter.com/CryptoHayes/status/1830554303817273823?ref_src=twsrc%5Etfw”>September 2, 2024

Since Federal Reserve Chairman Jerome Powell confirmed a rate cut in September on August 23, btc has been falling.

That's because large money market funds are moving cash out of Treasury bills, which pay just 4.38% interest, into reverse repurchase agreements, which pay 5.3%, rather than putting it into risky assets like cryptocurrencies, he said.

bitcoin price is looking for a rebound

Over the past week, the bitcoin price has been in a downtrend as the bears took advantage of the rounded top pattern to push a downtrend higher. btc has been trading inside the descending channel pattern, according to data from eth/pools/0xcbcdf9626bc03e24f779434178a73a0b4bad62ed”>GeckoTerminal sample.

The analysis of the 4-hour chart of the btc/USD pair shows that bitcoin price is primed for a rally as it trades within the upper boundary of the descending channel.

However, bitcoin price is still trading below the 50-day and 200-day simple moving averages (SMA), coinciding with the current downtrend.

The Relative Strength Index (RSI) is also trading in an uptrend, currently at 52, and is showing signs of an uptrend, showing that buyers have the upper hand.

Moreover, the Moving Average Convergence Divergence (MACD) is moving towards the neutral zone, which shows that btc is currently in a positive momentum.

According to btc price analysis, the bulls are starting to put some pressure on the token as it surges towards the upper limit. If the trend continues, btc could skyrocket as the bulls are targeting $65,000.

However, if the bears exert pressure on this level, btc could once again plunge towards the $56,000 support zone, which acts as a cushion against downward pressure.

Meanwhile, traders are piling into a Shiba Inu 2.0 ICO called Shiba vs. Shiba Shootout (SHIBASHOOT).

According to cryptocurrency channel 99Bitcoins, which has over 706,000 subscribers, investors who purchase $SHIBASHOOT can earn “amazing rewards.”

Shiba Shootout pre-orders surpass $1 million. What's the best alternative to buying now?

Shiba Shootout isn’t letting go of its peacemaking spirit any time soon, as its pre-sale hit the mark with $1 million raised and counting.

The project is inspired by the legendary meme coin titan Shiba Inu and takes its token holders on a journey into the crypto Wild West.

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Saddle! twitter.com/hashtag/ShibaShootout?src=hash&ref_src=twsrc%5Etfw”>Shooting at the #Shiba It is more than a twitter.com/hashtag/memecoin?src=hash&ref_src=twsrc%5Etfw”>#memecoin It's a Wild West crypto adventure!

Join Marshal Shiba and the Sharpshooters in Shiba Gulch for some fun and excitement. photo.twitter.com/a3BFVx7u42

— Shiba Shootout (@shibashootout) twitter.com/shibashootout/status/1807724757753745843?ref_src=twsrc%5Etfw”>July 1, 2024

The project goes beyond the conventional boundaries of meme coins and takes the holder on a captivating adventure filled with creativity, strategic gameplay, and the charm of a high-stakes cowboy showdown.

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Teacher twitter.com/hashtag/crypto?src=hash&ref_src=twsrc%5Etfw”>#Cryptocurrencies strategy with twitter.com/hashtag/Shiba?src=hash&ref_src=twsrc%5Etfw”>#Shiba Cowboys in exciting duels for great rewards! Join the adventure!

Sign up now to get your free $SHIBASHOOT tokens!

Dive into the fun! https://t.co/jCeu7XMBqR image.twitter.com/YjlGaaluBT

— Shiba Shootout (@shibashootout) twitter.com/shibashootout/status/1806634436852597038?ref_src=twsrc%5Etfw”>June 28, 2024

The game is set in the town of Shiba Gulch, a bustling digital settlement that is a favorite among Shiba lovers, who gather to challenge each other.

Their mobile game Shiba Sharpshooter has already racked up over 1,000 downloads on the Google Play Store, and a Web3 app is coming soon.

In addition to P2E cryptocurrency games on Shiba Gulch, $SHIBASHOOT holders can also easily earn passively through the platform's staking mechanism, offering 879% in annual rewards.

If you are interested in participating in the pre-sale, you can purchase the token for $0.0201. But don't wait too long, as the price will increase in less than six days.

You can buy SHIBASHOOT tokens on the official website here using eth, BNB, USDT or a bank card.

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