Bitcoin Rallies as Powell Signals More Rate Cuts, Poodlana Eyes ‘Uptober’ Gains
- By: Liam Harper
- Bitcoin surges following comments from Fed Chair Jerome Powell about upcoming rate cuts.
- Poodlana (POODL), a Solana-based meme coin, is set for potential gains in the expected “Uptober” rally.
- The crypto market recovers after a brief dip, with analysts eyeing further upside momentum.
Bitcoin traded bullish on Monday as US Federal Reserve Chair Jerome Powell hinted at more interest rate cuts before the end of the year. This followed the central bank’s recent 50 basis point rate cut, sparking renewed optimism in risk-on assets, including cryptocurrencies and stocks.
With Solana token Poodlana (POODL) also in focus, the question is whether this bullish sentiment will extend to altcoins during the anticipated “Uptober” rally.
In an interview with CNBC on September 11th, Saylor projected that Bitcoin could hit an astounding $13 million per coin by 2045.
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Bitcoin’s Price Reaction to Powell’s Comments
Bitcoin halted a bearish dip after Powell’s remarks on further rate cuts. Invezz reported that Powell anticipates another two rate cuts totaling 50 basis points by year-end, provided the economy performs as expected.
This news saw Bitcoin (BTC) rebound from an intraday low of $63,000, halting the pullback from its recent high of $66,000.
BTC Poised for "Uptober" Rally
With October historically being a bullish month for crypto, analysts are expecting BTC to benefit from rate cuts and positive market sentiment. QCP Capital analysts highlighted in a Sept. 30 market summary that risk-on assets are in a strong position as markets enter the “Uptober” period.
In addition to Fed policy, support measures from China’s government have lifted sentiment, with the CSI 300 Index climbing higher. Hedge funds are also bullish, maintaining long positions on tech stocks that far outweigh shorts.
After closing September up 7%, Bitcoin is positioned for further gains as traders bet on continued upside momentum in October.
Poodlana (POODL) Set for Gains in Uptober?
As Bitcoin rallies, altcoins like ETH and Poodlana (POODL) are also seeing bullish predictions. Poodlana, a Solana-based meme coin, is capitalizing on the upbeat sentiment around spot ETFs and the upcoming US elections.
Poodlana has gained traction after a challenging September, reaching several key milestones, including an exchange wishlist challenge and the Poodlana Fashion Week competition. Currently trading on MEXC and BingX, the POODL community has expressed interest in securing listings on top exchanges like Binance.
Poodlana’s blend of dog-themed meme appeal and luxury fashion, as showcased at Fashion Weeks in New York, London, Milan, and Paris, has added to its unique market position.
Poodlana Price Outlook
Currently priced at $0.004273, Poodlana (POODL) is significantly below its all-time high of $0.03875 from August. This could present a prime buying opportunity for meme coin hunters as they prepare for a potential Q4 2024 surge.
Despite the price struggles, Poodlana remains popular following its $8 million ICO firesale. With similar outperformances from meme coins like Popcat, Moodeng, and Sundog, investors are eyeing Poodlana as a potential candidate for a major rally.
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