The Dogecoin price is currently trading at $0.14, but not for long. According to a crypto analyst, technical analysis indicates Dogecoin is gearing up for a move towards $0.68. This interesting outlook for the king of meme coin comes amidst increased activity in its ecosystem, which suggests a large price move could be on the horizon. 

According to technical analysis by crypto analyst Dave The Wave using technical indicators, including the Fibonacci retracement, Dogecoin is currently looking bullish and is on the way to challenging its all-time high.

Dogecoin Price Action Prints Bullish

Dave the Wave, a well-known crypto analyst famous for accurately predicting the Bitcoin crash during the 2021 bull market, took to social media platform X to share his insights on the current Dogecoin price action. As such, Dave the Wave’s analysis has garnered attention from his followers, many of whom trust his market insight given his track record. 

His analysis is based on Dogecoin’s movement with the 1-day candlestick timeframe. In his analysis, Dave the Wave pointed out that DOGE appears to be on the verge of a breakout from an ascending triangle pattern. This comes after the meme coin successfully broke above a descending triangle formation earlier in the month. 

Since that breakout, Dogecoin has maintained an upward trajectory and has experienced a steady rally. Now, the meme coin is retesting a resistance level that aligns with the top of a newly formed ascending triangle.

Based on this price action, Dave the Wave expressed a bullish outlook for Dogecoin. To support his projection, he used the Fibonacci retracement tool to identify a potential price target. He highlighted the 0% Fibonacci retracement level, which is based on the retracement from DOGE’s all-time high in 2021, to note a final target of around $0.687. Reaching this target would represent a price surge of about 725% from the breakout point of the descending triangle pattern.

Can DOGE Create A New All-Time High?

Although technical analysis paints a rosy picture, the journey to a new Dogecoin all-time high is not going to be without challenges. One of the key challenges is the presence of significant resistance zones. Dave the Wave highlighted a critical resistance around the 2024 high of $0.22, along with another resistance level at $0.32, both of which could slow down Dogecoin’s upward momentum.

At the time of writing, Dogecoin is perambulating around $0.14, having lost about 3% of its market value in the past 24 hours. DOGE has faced multiple rejections in its attempts to break above $0.148 over the past 48 hours. This price level now appears to be the next immediate resistance that Dogecoin must overcome before it can target higher levels.

Featured image created with Dall.E, chart from Tradingview.com

The remarks made by a popular executive from a Bitcoin development company, advocating for large financial institutions to take custody of Bitcoin, disappointed the cryptocurrency community.

MicroStrategy CEO Michael Saylor is now at the center of strong criticisms after saying that it would be better for Bitcoin to be in the custody of “too big to fail” banks than self-custody.

The Contentious Remark

Saylor, in a podcast interview, dissuaded investors and traders from the Bitcoin self-custody approach while putting forward the idea of custodianship through large financial institutions like banks.

He believes that large and established financial institutions can better serve Bitcoin holders because they are designed to secure financial assets.

In the said interview, Saylor debunked the possibility of any government seizure of Bitcoin as a “trope”, saying that the risk of seizure increases when the crypto is being controlled by “a bunch of crypto-anarchists” who discard government authority and do not acknowledge taxes and reporting requirements.

Vitalik Buterin didn't like Michael Saylor's Bitcoin comments. Illustration: Darren Joseph; Photos: Shutterstock

He explained that unlike these “crypto-anarchists”, financial institutions follow legal and tax obligations, arguing that it lessens the chances of any government intervention.

Many analysts in the cryptocurrency space were surprised with Saylor’s stance and they find it hard to swallow the concept the executive is pushing.

BTCUSD trading at $66,265 on the 24-hour chart: TradingView.com

A ‘Batshit Insane’ Idea

Ethereum co-founder Vitalik Buterin lambasted Saylor for his controversial perspective on Bitcoin custody, saying that the idea is ‘batshit insane’.

Buterin strongly criticized banks taking custody of the coin, arguing that Saylor’s remarks are already outdated since there had been a lot of technological developments that transformed the “tradeoff space completely.”

I probably did more than most to spread the “mountain man” trope (btw I consider those remarks of mine outdated; snarks and AA changed the tradeoff space completely), and I’ll happily say that I think @saylor‘s comments are batshit insane.

He seems to be explicitly arguing for a…

— vitalik.eth (@VitalikButerin) October 22, 2024

The Ethereum co-founder does not believe that the approach being pushed by Saylor intended to protect crypto will prosper, saying that this is not what cryptocurrency is all about.

“There’s plenty of precedent for how this strategy can fail,” he added.

Bitcoin Community Refutes The Idea

Bitcoin proponents, who are strong advocates of self-custody, do not buy into the idea and reasoning raised by Saylor in adopting Bitcoin custodianship through the banks.

21st Capital co-founder Sina G said that the idea could relegate Bitcoin into an “investment petrock” and warned that it could lead to the stoppage of the crypto being used as a currency.

Sina G called Saylor’s perspective “spooky”, seeing him as the mouthpiece of the government and financial institutions.

If you’re surprised by Saylor’s recent comments then you haven’t been paying attention. https://t.co/Tf7CDM4LqT pic.twitter.com/GTAr2oXjEC

— Jameson Lopp (@lopp) October 21, 2024

Jameson Lopp, Chief Security Officer at the Casa HODL, said that the bank’s custody of BTC has long-term implications for the cryptocurrency space.

Lopp argued that centralizing the digital monies increased the risk of loss and seizure, raising the possibility that Bitcoin users could become disenfranchised due to governance activities such as trading forks and running nodes.

He emphasized that self-custody is significant to further strengthen and enhance the network and is not merely a concern for individual holders.

Featured image from Shutterstock, chart from TradingView

Once again making news, Metaplanet Inc., often known as “Asia’s MicroStrategy,” raised 10 billion yen (about $68 million) through a recent stock sale. The goal of this significant investment is to support its aggressive Bitcoin acquisition strategy.

Similar to the tactics of well-known companies like MicroStrategy, the move comes as the company keeps positioning itself as a key player in the cryptocurrency sector.

Metaplanet: Significant Investment In Bitcoin

With more than 13,000 individual shareholders taking part, Metaplanet announced on October 22 that it had successfully finished its 11th round of Stock Acquisition Rights. This money will go toward buying more Bitcoin so the company can expand its already considerable holdings.

*Metaplanet Announces Results of Stock Acquisition Rights Exercise* pic.twitter.com/MquO6JFNEX

— Metaplanet Inc. (@Metaplanet_JP) October 22, 2024

Metaplanet’s share price dropped by roughly 5.85% in spite of the successful funding, which was indicative of some market instability amid shifting Bitcoin values.

“With this financing, we can continue to strengthen our Bitcoin reserves and provide our investors a hedge against Japan’s economic troubles,” CEO Simon Gerovich said in a statement, underscoring the significance of the funding.

Since earlier this year, the company has been actively buying Bitcoin because it sees it as a strategic asset that can help cut the risks brought on by the yen’s decline.

BTCUSD trading at $67,485 on the daily chart: TradingView.com

An Expanding Portfolio Of Bitcoin

Metaplanet has already shown success with its most recent acquisition strategy. Only a few weeks before this investment announcement, the company paid 1 billion yen (about $6.7 million) to acquire an extra 107.91 BTC, increasing its total holdings to about 855 BTC. Due to MicroStrategy’s unique approach to cryptocurrency investing, this aggressive accumulation shows a dedication to using Bitcoin as a treasury reserve asset.

Since launching its Bitcoin strategy, the company’s stock has experienced impressive growth, increasing by around 500% so far this year. Despite sporadic declines in the larger cryptocurrency market, investors have reacted favorably to Metaplanet’s distinct vision and dedication to digital assets.

Impact On The Market And Prospects For The Future

The fundraising comes at a time when Bitcoin faces resistance at approximately $69,000. However, Metaplanet never ditches its mission to increase its inventory.

The company has been testing many strategies for improving its investment push, some through trading Bitcoin options and other through strategic collaborations with market finance giants like SBI Group.

All eyes will be on how these investments perform in an often changing market as Metaplanet gets ready to use its freshly acquired funds for more acquisitions.

Aimed at being among the biggest corporate holders of Bitcoin in Asia, Metaplanet is promoting itself not just as an investor but also as a leader in the integration of cryptocurrencies into conventional finance.

Featured image from Envato Elements, chart from TradingView