The very lowest green thing is likely a new vegetative growth - unless this is C. nobilior or C. walkeriana. In those two cases it is possible to be a flower spike.
Other Cattleyas bloom from the top of the pseudobulb, from inside the base of the leaf.
__________________ May the bridges I've burned light my way.
Registered as Lc. (Laeliocattleya) Featherrae 'Misty Blue', it would be considered C. (Cattleya) Featherrae 'Misty Blue' now. The short stout rounded pseudobulbs appear to be the norm for this cultivar. You have both a new pseudobulb starting and new roots in that picture. As mentioned, a flower spike will come from the top of a mature or maturing pseudobulb.
Do a forum search for Featherrae and you and you should find pictures of a nice example in bloom from a few years ago.