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

A former Bitcoin developer refuted allegations that he is the real Satoshi Nakamoto, creator of Bitcoin, after an HBO documentary pinpointed him as the Bitcoin mastermind.

Peter Todd, who claimed the documentary falsely identifies him as Satoshi, believed that it is pointless to know who the Bitcoin founder is, considering Bitcoin has thrived despite the founder’s true identity, which remains shrouded in mystery.

‘A False Claim’

Todd criticized the documentary’s filmmaker for accusing him of being Satoshi, saying that it is a false claim.

He lamented that the film put him in the spotlight of public scrutiny despite his constant denial that he is the Bitcoin founder.

According to Todd, the HBO filmmaker used the Satoshi accusation to market his documentary, saying the director needed “a way to get attention for his film.”

Todd slammed the film’s director for exaggerating the evidence and stirring conspiracy thinking about the Bitcoin founder. He explained that he could never be Satoshi because, during the early days of Bitcoin, he was preoccupied with school and work.

Moreover, Todd claimed he did not know the focus of the documentary while it was in development, adding that he only became aware of its content when it was aired.

The Bitcoin Documentary

On October 8, HBO aired a documentary which claimed to unmask the real identity of Satoshi, the Bitcoin creator, who eluded everyone for so many years.

The documentary entitled “Money Electric: The Bitcoin Mystery” showed the results of the three-year investigation conducted by filmmaker Cullen Hoback. The film’s director claimed he had successfully uncovered Satoshi’s identity.

The documentary presented proof that pinpointed Todd as the elusive founder of the popular cryptocurrency. An allegation that Todd continues to refute, saying he was misrepresented in the film.

Todd Goes Into Hiding

After the airing of the two-hour documentary, Todd decided to go into hiding, fearing that his personal safety had been compromised by the film.

He said in an interview that he received tons of emails from some people asking him for money. He added there was even an individual who sent him 25 email messages asking for assistance in loan repayment.

Todd now understands why the real Satoshi wants to remain anonymous, considering the volume of harassment the Bitcoin creator will receive.

The Search Continues

With Todd debunking that he is the Bitcoin founder, the search for the identity of Satoshi will live on and will continue to be the subject of speculation.

Over the years, numerous individuals have been identified as the Bitcoin creator, putting them in the public eye which usually led to undesirable repercussions such as intrusion into their private lives.

Featured image from HBO, chart from TradingView

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