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    Bitcoin Price Prediction: As Arthur Hayes Explains Why Fed Rate Cuts Won’t Boost Bitcoin, Optimists Flock to SHIB 2.0

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    Bitcoin Price

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    Bitcoin price is up 1% in the last 24 hours Trading at $59,234 As of 00:49 a.m. ET, though, trading volume was down 16% to $23.8 billion.

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

    Arthur Hayes, co-founder and former CEO of BitMEX, shares his reasons why interest rate cuts by the Federal Reserve will not significantly impact the price of Bitcoin.

    Since Federal Reserve Chairman Jerome Powell confirmed the interest rate cut on August 23, the value of Bitcoin has declined.

    He said the reason for this is that large money market funds are moving cash from Treasuries, which pay just 4.38% interest, into reverse repurchase agreements, which pay 5.3%, instead of putting it into riskier assets like cryptocurrencies.

    Bitcoin price aims to recover

    Last week, Bitcoin price was in a downtrend, as bears took advantage of a rounding top pattern to trigger a downtrend. Bitcoin was trading inside a descending channel pattern, according to data from Gecko Terminal Offers.

    The 4-hour chart analysis of the BTC/USD pair shows that Bitcoin price is ready to recover as it is trading 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, showing signs of an uptrend, indicating that buyers have the upper hand.

    Moreover, the Moving Average Convergence Divergence (MACD) indicator is moving upward towards the neutral zone, indicating that BTC is currently enjoying positive momentum.

    According to BTC price analysis, bulls have started to pressure the token as it rises towards the upper bound. If the trend continues, BTC price could rise as bulls target $65,000.

    BTCUSD Chart Analysis Source: GeckoTerminal.com

    However, if the bears exert pressure at this level, the price of Bitcoin may drop back to the support area at $56,000, which acts as a cushion against bearish pressure.

    Meanwhile, traders are gathering for Shiba Inu 2.0’s ICO called SHIBASHOOT.

    According to crypto channel 99Bitcoins, which has over 706,000 subscribers, investors who buy $SHIBASHOOT can earn “crazy rewards.”

    Shiba Shootout Sales Surpass $1 Million, Could This Be The Best Alternative To Buy Now?

    The Shiba Shootout doesn’t look like it’s going to let up anytime soon, as the pre-sale has reached a bull run with $1 million raised and counting.

    The project draws inspiration from the legendary meme coin Shiba Inu and takes its token holders on a journey into the wild west of cryptocurrencies.

    The project goes beyond the traditional boundaries of meme coins, taking its holder on a captivating adventure filled with creativity, strategic gameplay, and the lure of high-stakes cowboy showdowns.

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

    Its mobile game Shiba Sharpshooter has garnered over 1,000 downloads on the Google Play Store, and a Web3 app is set to launch soon.

    Aside from P2E crypto games in Shiba Gulch, $SHIBASHOOT holders can also easily earn money passively through Betting mechanism on the platform, Which offers 879% annual bonuses.

    If you are interested in participating in the presale, you can buy the token for $0.0201. But don’t wait too long because the price will rise in less than six days.

    You can buy SHIBASHOOT tokens on the official website here Using ETH, BNB, USDT, or bank card.

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