Bitcoin traded bullish as US Federal Reserve Chair Jerome Powell commented on the interest rate cuts on Monday.
This came a few days after the US central bank slashed interest rates by 50 basis points.
The latest remarks came as stocks edged higher and crypto regained footing following an intraday dip.
Will the largely bullish outlook for risk-on assets help Solana token Poodlana (POODL)?
Bitcoin price reaction amid Powell’s interest rates comments
As Invezz highlighted, Powell sees another two rate cuts before the year ends.
The Federal Reserve is prepared to follow this path should the economy “perform as expected”.
In this case, the Fed’s position would be another two rate cuts totaling 50 basis points.
Market reaction to the Fed Chair’s remarks saw Bitcoin stop a bearish flip that had sellers pushing the benchmark crypto asset down from highs of $66k to near $63k.
BTC eyes “Uptober”
Analysts are doubling down on a bullish bet for BTC and the crypto market amid these scenarios.
Further interest rates at the slow pace Powell hinted at, and a historically bullish October could help solidify expectations of new upside momentum.
QCP Capital analysts said in a Sept. 30 market summary that risk-on sentiment is still elevated as markets enter the expected “Uptober.”
China’s property support buoyed the CSI 300 Index while hedge funds continue to suggest a bullish stance with long positions on tech stocks outpacing shorts by three times.
BTC closed September 7% higher.
In an October 1 update, QCP said:
We’re finally in”Uptober “. Historically, October is a bullish month, with BTC having an average gain of 22.9% in 8 out of the last 9 Octobers. A similar increase would take us above 78k, breaking all-time highs.
Is Poodlana set for a major rally?
As well as Bitcoin, there are also bullish predictions for ETH and other cryptocurrencies amid sentiment around the upcoming US elections.
Meanwhile, traders are seeing an upbeat spot ETFs market as a positive signal, and QCP notes perp funding is near levels during the bull run that took Bitcoin to its all-time high in March 2024.
Altcoins, including ETH also rose and have historically outperformed in October.
Poodlana (POODL), a recently launched Solana meme coin that offers a unique dog-themed token, is one of the projects eyeing this “Uptober” bounce.
Despite price struggles in September, Poodlana has garnered significant traction amid recent milestones.
These include the project’s exchange wishlist challenge and the Poodlana Fashion Week competition.
Exchange listings is a major milestone for the meme coin, which currently trades on MEXC and BingX.
The wish list includes community desire to see POODL on Binance or one of the other top tier crypto exchanges.
Meanwhile the fashion week prizes are part of Poodlana’s blending of the poodle appeal and luxury fashion as seen across New York, London, Milan and Paris.
Poodlana price outlook
At a price of $0.004273, POODL is significantly lower since its all-time high of $0.03875 reached in August.
However, this may present as a great entry point. Meme coin gem hunters could exploit the buy opportunity in preparation for a potential Q4, 2024 surge.
Notably, interest in Poodlana remains high following its $8 million firesale ICO in August.
Recent outperformances for Popcat, Moodeng and Sundog indicate fresh investor attention. Poodlana could ride positive market conditions and overall upside momentum to rip higher.
To learn more about Poodlana, visit their website.
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