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Here’s Why Analysts Think Bitcoin Will Rally Towards $17,000 by EOY



  • Bitcoin’s price has been caught within a consolidation phase around $13,000 ever since it was rejected at its recent highs of $13,200
  • This is around the price at which it has been trading throughout the past few days, with buyers and sellers being unable to take control of its near-term trend
  • Yesterday, bulls did attempt to set fresh yearly highs and kickoff a leg higher, but it resulted in a rejection
  • This shows that buyers don’t currently have enough support for another push higher
  • One analyst explained that a push towards $17,000 could be just months away, but it may first see some consolidation

Bitcoin and the aggregated crypto market are consolidating following Bitcoin’s recent rejection at its yearly highs.

The cryptocurrency has been unable to spark any sustained moves past $13,200, signaling that the selling pressure here is significant and may continue slowing its ascent.

Despite its short-term trend being somewhat unclear, there’s no questioning that Bitcoin’s macro trend is shaping up to be extremely bullish.

As such, one analyst is noting that a move to $17,000 could be just a couple of months away.

Bitcoin Consolidates Around $13,000 as Buyers and Sellers Reach an Impasse

At the time of writing, Bitcoin is trading down just over 1% at its current price of $13,000. This is around where it has been trading throughout the past few days.

Yesterday, bulls attempted to break this trend and propel it higher, but a move past $13,300 resulted in an influx of selling pressure that sent it reeling lower.

Its inability to see any sustained rally does indicate that the selling pressure it is facing above its current price level is quite significant.

Where it trends next should depend largely on whether or not it can push past the resistance laced throughout the lower-$13,000 region.

BTC Poised to See a Sharp Climb to $17,000, Claims Analyst

Despite this micro weakness, one analyst is noting that Bitcoin is positioned to see some major upside in the months ahead.

He is specifically pointing to $17,000 as a target that he expects to be reached by the end of the year.

“I think this is a likely scenario, not expecting a clear breaker above $14,000 yet. A retest of previous resistance zone to build momentum towards the next rally towards $17,000 beginning next year.”


Image Courtesy of Crypto Michael. Source: BTCUSD on TradingView.

The coming few days should provide insights into whether or not the resistance Bitcoin is currently facing will be enough to spark any selloff.

Featured image from Unsplash.
Charts from TradingView.


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InfinityDefi: A Flexible, Low-Risk Crypto Collateral Lending DeFi Platform



The cryptocurrency industry has come a long way since its inception, as the underlying technology undergoes constant evolution. The latest advancement in such development is the concept of Decentralized Finance, popularly known as DeFi. As the DeFi movement rages on, a lot of new, innovative projects have entered the market, offering a great deal of flexible financial products to the community.

One such innovative project is InfinityDefi, a state-of-the-art composite cryptocurrency asset management platform that offers much-needed financial services to the community, helping them put their crypto assets to good use. Created by a team of experts in crypto, finance, technology and legal fields, InfinityDefi has positioned itself as the world’s first multi-collateral lending DeFi platform where users can deposit, lend and borrow cryptocurrencies at some of the industry’s best rates.

The entire InfinityDefi ecosystem comprises a series of derivative products including multi-stablecoin index, DEX, liquidity aggregation platform, safety reserve, options and convertible debt. These products together bridge the gap between unused crypto assets and demand for short term borrowing, thereby enabling everyone involved to make profits.

The InfinityDefi protocol is fuelled by the INFI ecosystem token and the PPT equity token. While INFI enables the token holders to participate in project management, control financial risk, and vote in the decision-making process, PPT act as reward tokens earned against transactions made on the platform. The PPT tokens can be exchanged with INFI.

Collateral Loans on InfinityDefi

InfinityDefi offers an aggregated product with crypto collateral lending and savings using a flexible pledge and redemption mechanism. On the platform, users can utilize their crypto holdings to earn interest or secure a short-term loan. Unlike other crypto lending DeFi solutions currently in the market, InfinityDefi supports secondary loans and multi-value-added loans, which helps users unlock more value and liquidity from their assets. Collateral financing on the platform can be secured from different creditors while maintaining an ultra-low pledge ratio of up to 10% less than other peers.

Users can use a wide range of cryptocurrencies including DAI, USDT, USDC, TUSD, BUSD, HUSD, ETH, HT, OKB, and more as collateral for lending and borrowing. The utilization of a unique polymerization pool in conjunction with an algorithmic interest rate model that dynamically adjusts interest rates to balance supply and demand. All deposits and disbursements are directly processed from the polymerization pool, which includes servicing of the secondary loan on top of existing loans, against the initial collateral and multi-value-added loans where users can pledge the value-added part of collateral to get additional loans.

By design, InfinityDefi has some of the lowest position coverage for collateral which is set at a maximum of 145% and a minimum of 125%, in case of secondary loans or a fall in the value of collateral. In addition, the platform also has an auto-liquidation feature in place that dissolves the collateral in case the value of collateralized assets falls below minimum position coverage and the borrower fails to deposit additional assets to cover for the shortfall. The liquidation of assets happens at the prevailing market price to recover the principal and outstanding interest, with any excess funds returned to the borrower. During liquidation, if the value of available collateral doesn’t cover the pool’s exposure, InfinityDefi protocol’s safety reserve will step in to cover the losses, thereby ensuring the interests of investors and borrowers are protected at all times.

These features also enable InfinityDefi to provide 5% lower loan rates, 20% higher loan limits and faster capital turnover than other DeFi platforms.

Advantages of InfinityDefi Collateral Loans

The InfinityDefi platform allows all the stakeholders to profit from their crypto assets to earn both active as well as passive income. For those looking for earning a passive income, holding crypto assets, and waiting for their value to appreciate is not the best option, as the volatile nature of markets creates a lot of uncertainties. Instead, they can deposit their assets on INFI DApp to earn interest on their holdings. The interest rate for such deposits are directly related to the Polymerization Pool interest rate, calculated using the formula:

*where ‘j’ is one of the deposited cryptocurrencies which is part of the polymerization pool

The deposited principal and accrued interest can be withdrawn by the user at any time. Based on the demand and supply, the interest earned on deposited assets over time can potentially turn out to be more than what the depositor would have gained by holding, more so, in case of a stablecoin.

Meanwhile, collateralized loans help those either in need of funds to meet their obligations or those looking for additional liquidity for trading. The reduced interest rates, along with options for secondary and multi-value added loans make it easy to secure necessary funds for trading needs, which could help increase the margins on profitable trades. It could also be used for arbitrage, leveraging the interest rate gap on different DeFi lending platforms to generate profits instead of directly using the price difference of underlying assets.

The PPT tokens earned performing each of these actions also adds to the profits. The amount of PPT earned depends on the collateral/loan amount and duration. These PPTs can be exchanged for INFI and traded on exchanges where the token is listed.

Overall, InfinityDefi provides a safe, profitable, transparent, and low-risk way for users to invest and manage their crypto assets.

Learn more about InfinityDefi at –
Read InfinityDefi whitepaper at –
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ASIC CFD Restrictions, PayPal Crypto, CFTC, USGFX ZA Move: Editor’s Pick

ICYMI: The biggest news stories of the week



In a busy week for news, let’s take a look back at the news stories that dominated the worlds of forex, fintech and crypto, in our best of the week segment.

ASIC Officially Adopts Curbs on Selling CFDs to Retail Investors

By far the biggest news story of the week was The Australian Securities and Investments Commission (ASIC) officially announcing restrictions on selling contracts for difference (CFDs) to retail clients.

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Amongst a swathe of restrictions, regulated firms have now been forced to limit the leverage they can offer on currency pairs to a maximum of 30:1.

The rules also mandate negative account protection, ensuring that customers cannot lose more than their trading stake, avoiding a repeat of the debacle following the 2015 Swiss Franc collapse. Finally, the rules forbid bonuses and other incentives, whether monetary or non-monetary, that may have encouraged overtrading in recent years

Read more on the ASIC CFD Curbs here

CFTC Issues Advisory Mandating New Rules for Crypto Deposits

This week, the CFTC issued an advisory expanding the notifications and reporting requirements for virtual currencies held by futures commission merchants (FCMs).

The new rules build upon the CFTC’s existing customer protection regime, as amended by Dodd-Frank, under which FCMs are required to segregate from their proprietary assets all money, securities and other assets deposited by customers. Additionally, it is intended to enhance these protections and to specifically address systemic risks posed by the nature of virtual assets that surrounded the recent hacks of crypto exchanges.

Read more on the CFTC new rules here.

PayPal to Launch Crypto Services in the ‘Coming Weeks’

As Finance Magnates reported this week, the PayPal crypto saga continues. The company officially confirmed that it will allow cryptocurrency purchasing, selling, and holding on its platform.

Although no launch date was given, PayPal stated will allow its users to pay using digital currencies to all 26 million merchants on its network by early 2021.

Read more on the PayPal crypto confirmation here.

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USGFX, Stripped of Aussie License, Sets Up Shop in South Africa

FX broker Union Standard International Group Pty Ltd (USGFX) has been awarded a license by South African regulator the Financial Sector Conduct Authority (FSCA) to offer financial trading services in the country.

In August, the board of USGFX announced that the headquarters of the brokerage will be moved from Australia to London.

The cancellation of the USGFX AFS licence follows on from the broker being ordered to enter into liquidation by the Federal Court of Australia in August.

Read more on the USGFX South Africa Move here.

OKEx, BitMEX, & More: Are BTC Hodlers Losing Trust in Crypto Exchanges?

In a Finance Magnates analysis, we looked at the reasons why the amount of BTC that was being kept on cryptocurrency exchanges was at its lowest point in months.

We delved into two recent incidents regarding two large cryptocurrency exchanges that may have served as an extra incentive for traders to get their coins out of exchange accounts as quickly as possible, though, in both cases, hackers were not involved. Instead, the trouble came from the law enforcement side of things: specifically, last week’s arrest of OKEx founder Star Xu, as well as the indictment of the four co-founders of BitMEX that took place earlier this month.

Read more on the BTC decline and on losing trust in crypto exchanges here.

Tax Fraud? J5 Probes ‘100s of Accounts’ at Peter Schiff’s Euro Pacific Bank

As Finance Magnates reported this week, ‘Hundreds of accounts’ at the Puerto-Rico based Euro Pacific Bank, founded by renowned millionaire broker and Bitcoin sceptic, Peter Schiff, have been placed under international investigation in relation to allegations of tax evasion.

However, the allegations of tax-related criminal activity may not be the bank’s only issue. It was reported that “the bank’s security was also a problem,” and that “at one point, Russians tried to extort the bank for a ransom of 1000 bitcoins, worth millions of dollars.”

Read more on the J5 Probe at Peter Schiff’s Euro Pacific Bank here.

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