Summing Up The Week

With a shortened trading week thanks to the American Thanksgiving holiday, a lot of market participants were taking a break. As a result, the selling also went on vacation with stocks and Bitcoin rallying after the past few weeks’ price action.

The real news story that broke was a report Meta Platforms (META) will use Google’s (GOOGL) artificial-intelligence (AI) GPUs, a report that sent Nvidia (NVDA) tumbling but lifted the rest of the sector.

Take a deeper dive into the news that moved markets below…

Market News

Nvidia dinged on report Meta will use Google chips

On Tuesday morning, Nvidia (NVDA) shares fell more than 4% in extended trading before the market opened on the back of news that Meta Platforms (META) would use Alphabet’s (GOOGL) Google AI chips, reported CNBC. The concern is that by using Google AI chips, Meta will spend less money buying the flagship products Nvidia produces.

However, with nearly 30 years of experience in the sector, I believe this assumption is misinformed. Depending on the computing process, companies can select different hardware based on need. Nvidia’s chips are dedicated to high-end compute, whereas elements of AI – such as interpretation of prompts (e.g. searches), doesn’t require as much computation as training. 

In order to maintain their goal of reaching artificial general intelligence and “superintelligence” ahead of their competitors, I believe Meta won’t be cutting back on Nvidia purchases. In other words, the Google AI purchases will be in addition to not in exception of what they plan to spend at Nvidia.

Next Week’s Gameplan

Next week brings us more reads on the economy in the form of PMI and ISM manufacturing figures on Monday, payroll processor ADP’s employment report on Wednesday, and consumer sentiment and credit reports on Friday. The nonfarm payroll report – typically released on the first Friday of the month – has been pushed back to the following week due to the shutdown of the Federal government.

Also, we’re not through with earnings season with a few key companies I hold reporting on Wednesday: Salesforce (CRM), Snowflake (SNOW), and UiPath (PATH) – all companies with substantial artificial intelligence (AI) exposure – all report on Wednesday after the market close.

Plus, combine all of this potential news with end-of-the-month jitters as we will begin the last trading month of the year, and there will likely be plenty to talk about when we meet back here next Friday, friends! 

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Crytpo Corner

Bitcoin Price Action

As I wrote in last week’s update, $81,340.00 was only a short-term bottom with Bitcoin breaking below where it was at the time of writing to find a weekly low down at $80,524.65 later last Friday.

However, Bitcoin’s bounce off its low was far more than a simple Dead Cat Bounce this time with the crypto rallying +15.69% off its low to create a weekly high at $93,161.86 on Friday. However, as you will read below, that doesn’t mean Bitcoin’s out of the woods, yet.

The Bullish Case

While Bitcoin’s bounce is promising, Bulls are cautious to believe a reversal is imminent; the technical damage done to Bitcoin’s chart was simply too severe to have it easily reversed. Bitcoin needs to recover over key moving averages and use them as support rather than resistance before Bulls can have any real hope.

The Bearish Case

Bears point to the aforementioned technical damage and explain that this bounce is so far below last week’s anemic high that there is likely a test of the low around $80.5K in the cards as well as even lower lows from there.

Bitcoin Trade Update

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Not Your Keys, Not Your Crypto…

In light of brokerage failures in 2022, I no longer keep any of my crypto on an exchange and I only keep enough USD on the exchanges I use to execute my next few buys. I use multiple cold wallets from the brands Ledger and Trezor to hold my crypto (click the links to access the direct sites, and I receive no affiliate benefits from these links).

Additionally, I have now divided my allocated USD between two different exchanges – Gemini and Coinbase – in case one (or both) becomes insolvent. Disclaimer: We both receive a bonus if you use my Gemini referral link to open an account.

I do not trust anyone in the space, even with Coinbase (COIN) being publicly traded (and one of my own Investments in Play positions).

No price target is unrealistic in the cryptocurrency space – Bullish or Bearish.

While traditional stock market investors and traders may think the price targets in the cryptocurrency space are outlandish due to the incredible spread (possible moves include drops of -90% or more and gains of +1000% or more), Bitcoin has demonstrated that, more than any speculative asset, its price is capable of doing anything.

Here are some of Bitcoin’s price movements over the past couple of years:

• In 2017, Bitcoin rose +2,707% from its January low of $734.64 to make an all-time high of $19,891.99 in December.
• Then, Bitcoin crashed nearly -85% from its high to a December 2018 low of $3128.89.
• In the first half of 2019, Bitcoin rallied +343% to $13,868.44.
• In December, Bitcoin crashed -54% to a low of $6430.00 in December 2019.
• In February 2020, Bitcoin rallied +64% to $10,522.51.
• In March , Bitcoin crashed nearly -63% to a low of $3858.00, mostly in 24 hours.
• Then, Bitcoin rallied +988% to a new all-time high of $41,986.37 in January 2021.
• Later in January 2021, Bitcoin dropped -32% to a low of $28,732.00.
• In February, Bitcoin rallied +103% to a new all-time high of $58,367.00.
• Later in February, Bitcoin dropped -26% to a low of $43,016.00.
• In April , Bitcoin rallied +51% to a new all-time high of $64,896.75.
• In June , Bitcoin crashed -56% to a low of $28,800.00.
• In November, Bitcoin rallied +140% to a new all-time high of $69,000.00.
• In November 2022, Bitcoin crashed -78% to a low of $15,460.00.
• In April 2023, Bitcoin rallied +101% to a high of $31,050.00.
• In June, Bitcoin dropped -20% to a low of $24,750.00
• In July, Bitcoin rallied +29% to a high of $31,862.21.
• In September, Bitcoin dropped -22% to a low of $24,900.00.
• In January 2024, Bitcoin rallied +97% to a high of $49,102.29.
• Later in January, Bitcoin dropped -22% to a low of $38,501.00.
• In March, Bitcoin rallied +92% to a new all-time high of $73,835.57.
• In August, Bitcoin dropped -33% to a low of $49,050.01.
• In January 2025, Bitcoin rallied +150% to a new all-time high of $109,358.01.
• In April, Bitcoin dropped -32% to a low of $74,420.69.
• In May, Bitcoin rallied +51% to a new all-time high of $112,000.00.
• In June, Bitcoin dropped -12% to a low of $98,247.01.
• In July, Bitcoin rallied +25% to a new all-time high of $123,231.07.
• In September, Bitcoin dropped -14% to a low of $107,250.00.
• In October, Bitcoin rallied +18% to a new all-time high of $126,296.00.
• In November, Bitcoin dropped -36% to a low of $80,524.65.

Where will Bitcoin go from here? Truly, anything is possible…

What if Bitcoin’s headed to zero?

DISCLAIMER: Anyone considering speculating in the crypto sector should only do so with funds they are prepared to lose completely. All interested individuals should consult a professional financial adviser to see if speculation is right for them. No Get Irked contributor is a financial professional of any kind.