The Federal Reserve's recent rate cut, in my view, is no longer just a 25 basis point adjustment but a signal that risk appetite has been ignited. Rather than being a panacea for the market, it is more like a flourish on the backdrop of a soft economic landing. Capital is rapidly withdrawing from low-yield assets like US Treasuries and shifting into risk assets—this rally has only just begun.

History provides clear reference. The 6 to 12 months after each rate cut are often the true main upward wave. Currently, CME FedWatch shows an 85% probability of a rate cut in December, and the median interest rate by the end of 2026 is also expected to be further lowered. The market has already interpreted Powell's cautious remarks as a clear dovish signal, and risk assets are poised to surge.

In the short term, I expect Bitcoin to surge to the 90K-110K range, Ethereum to reach 3.5K-4.2K, and high-beta coins like Solana to experience rotation opportunities. The underlying logic of this bull market has changed; it is no longer the disorderly leverage stacking of 2021 but a new pattern driven by institutional funds and real applications. Targets like BTC hitting $200,000 and ETH breaking through $10,000 are shifting from fantasies to foreseeable realities. Of course, retracements and volatility during the process are inevitable, but the overall direction is clear.