Bitcoiners are more optimistic as odds of US Federal Reserve rate cut in December nearly double. Some believe it could help Bitcoin’s downward trend. Current Bitcoin price at $8,071, down 10.11% in the past week. Odds of rate cut at December FOMC meeting jump to 69.40% on Friday, up from 39.10% on Thursday.

Market attributes rate cut spike to dovish comments from New York Fed president, John Williams. Analysts see the setup as “unfathomably bullish.” Economist Mohamed El-Erian urges caution. Fed cutting rates is bullish for riskier assets like Bitcoin, as traditional options become less appealing. Crypto community reacts positively.

Analysts point to the surging rate cut odds as very positive. Transition from tightening to easing cycle is noted. Predictions of a massive rally in crypto market are made. Coinbase Institutional believes odds for a rate cut are mispriced. Recent data suggests a cut may be more likely.

Crypto market sentiment remains weak in the past week. Fear & Greed Index shows “Extreme Fear” score of 14. Bitcoin whale Metaplanet is underwater but remains interested in acquiring more BTC. Overall, market is closely watching for potential rate cut and its impact on Bitcoin and crypto market.

Read more at Cointelegraph: Bitcoiners Cheer As December Fed Rate Cut Odds Almost Double