The price of Bitcoin surged above $48,000 on February 9th and again on February 11th. Based on historical market trends, it is expected that Super Bowl LVIII will further increase investor interest in BTC.
The connection between Bitcoin and the National Football League (NFL) Super Bowl was first established in 2022 when companies like FTX and Coinbase launched groundbreaking ad campaigns that introduced cryptocurrencies to a global audience.
Looking at historical data, it is evident that the recent approval of a BTC spot ETF has generated corporate interest, which could potentially impact the prices of Bitcoin and other cryptocurrencies during Super Bowl 2024.
Will BTC experience a price increase after Super Bowl 2024?
The prices of Bitcoin and other cryptocurrencies are expected to experience significant fluctuations during the Super Bowl 2024 event. According to official data from the NFL, approximately 200 million viewers, which accounts for 60% of the US population, watched the 2023 Super Bowl, making it the second most-watched sporting event in the world, after the FIFA World Cup.
In 2022, Bitcoin made its debut at the Super Bowl with a series of crypto ads featuring A-list celebrities. FTX’s ad, which featured Steph Curry, Naomi Osaka, Tom Brady, and Larry David, received some skepticism. Additionally, their 7.54 BTC giveaway, worth $317,000 in market value, raised some eyebrows.
It is uncertain whether the increase in crypto ads during major sporting events has led to a rise in public interest in cryptocurrencies. However, historical data shows that Bitcoin’s price has followed a noticeable pattern around each Super Bowl event since 2022.
The chart below illustrates the price action of BTC and the trading activity of large investors before and after the last two Super Bowls.
The chart above clearly shows a noticeable pattern. In 2022, crypto whales went on a buying spree as crypto companies like FTX and Coinbase ran viral ads leading up to the main event.
As a result, the price of BTC rose by 22% between the last week of January and the Super Bowl date on February 13th, 2022. Interestingly, the price of Bitcoin began to decline as the excitement surrounding the event died down. Between February 15th and February 23rd, 2023, BTC experienced a 17% drop.
Prior to the 2023 Super Bowl, this pattern repeated itself. The price of Bitcoin rallied by 18% between January 18th, 2023, and the Super Bowl date on February 13th. This was followed by a 17% correction between February 20th and March 10th, 2023.
If this noticeable historical pattern continues, BTC holders can expect the 24% price rally from January 23rd, 2024, to be followed by a pullback after Super Bowl 2024.
Aside from price projections, betting and commercials are other major ways that the Super Bowl is expected to impact the cryptocurrency world.
Crypto commercials during Super Bowl 2024
The Super Bowl has become a highly sought-after event for corporate entities looking to secure ad placements due to its colorful half-time musical performances and growing popularity outside of North America.
In 2022, FTX was not the only crypto-related company with a viral ad. Coinbase also launched a 60-second ad featuring a floating and colorful QR code that directed viewers to a link offering $15 in Bitcoin to those who signed up for a Coinbase account before February 15th.
The ad was so popular that the app eventually crashed.
Due to the harsh crypto winter, there were few crypto commercials during last year’s Super Bowl. However, that could change in 2024. With the recent approval of Bitcoin spot ETFs in the US, public interest has grown even more.
Where to bet on the Super Bowl with Bitcoin?
Stake.com, Cloudbet, Rocketpot, and Fairspin are among the most popular gambling platforms where users can place bets on this year’s Super Bowl using Bitcoin and other cryptocurrencies.
Thanks to the proliferation of GambleFi, users can place bets using Bitcoin, altcoins, or fiat through various forms of blockchain technology solutions.
The term GambleFi encompasses a wide range of decentralized gambling platforms, from accepting cryptocurrency-denominated bets to utilizing smart contracts to ensure fairness, transparency, and security in the gambling industry.
According to user “cryptokoryo” on Dune analytics, the total number of GambleFi users on the Arbitrum Layer-2 network increased by an astonishing 2,200% between March 2023 and February 2024.
This number could continue to grow if the Super Bowl further boosts public interest in GambleFi.
What cryptocurrencies to buy after the Super Bowl?
According to an industry survey, an estimated $23.1 billion could be wagered on Super Bowl LVIII, up from $16 billion last year.
During major sporting events like the Super Bowl, Bitcoin and other large mega-cap Layer-1 cryptocurrencies like Ethereum (ETH), Ripple (XRP), and Solana (SOL) often attract the most attention.
If the crypto GambleFi sector captures even a fraction of this value, tokens like Casinocoin (CSC), WINk (WIN), and FUNToken (FUN) could experience positive price action.
In summary, historical data shows that Bitcoin has experienced a double-digit price rally in the weeks leading up to the last two Super Bowls, followed by a pullback. If this pattern continues, the price of BTC could drop below $40,000 in the coming weeks.
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The Super Bowl is arguably the most awaited sporting event in the United States, with millions of viewers tuning in to watch the championship game and halftime performances. But in addition to the excitement of the game itself, the Super Bowl has also become known for its impact on various industries, including the cryptocurrency market.
In particular, the popular digital currency Bitcoin (BTC) has experienced price surges following the Super Bowl in recent years. This trend has led to speculation about the potential effects of the Super Bowl on Bitcoin’s price in the future, specifically in 2024. In this article, we will delve into the role of the Super Bowl in Bitcoin’s price movement and explore the potential for a price surge after the Super Bowl in 2024.
Understanding Bitcoin’s Price Movement
Bitcoin’s price has been notoriously volatile since its inception in 2009. In the early years, the price of a single Bitcoin was less than a dollar, but by the end of 2017, it had reached an all-time high of nearly $20,000. This extreme fluctuation has made Bitcoin a popular investment option for many individuals and institutional investors alike.
However, unlike traditional investments such as stocks or real estate, Bitcoin’s price is not influenced by factors such as company performance or economic conditions. Instead, it is largely affected by supply and demand, as well as market sentiment. This means that events such as the Super Bowl, which attract a large audience and can influence public perception, can potentially impact Bitcoin’s price.
Super Bowl and Bitcoin: Past Trends
Since 2014, there have been several instances where the price of Bitcoin showed a significant increase following the Super Bowl. In 2014, the price surged by almost 9% in the days after the game, and in 2015, it saw a 4.4% increase. However, it wasn’t until 2017 when the price of Bitcoin experienced a record-breaking jump of 22% after the Super Bowl.
In 2021, there was another notable spike in Bitcoin’s price after the Super Bowl, although not as significant as in previous years. The Super Bowl LV saw a 4% increase in Bitcoin’s price, which many have attributed to the high-profile endorsement of the cryptocurrency by Tesla CEO Elon Musk.
Factors Contributing to Price Surge
So, what exactly is causing these price surges after the Super Bowl? One theory is that the event leads to a surge in public interest in Bitcoin, as the cryptocurrency is often featured in advertisements and commercials during the game. This increased awareness may result in more people investing in or purchasing Bitcoin, thus driving up the demand and price.
Another factor that could contribute to Bitcoin’s price surge after the Super Bowl is the timing of the game itself. The Super Bowl is typically held in the first week of February, which coincides with the time that tax refunds start rolling in. Some experts believe that individuals may use their tax refunds to invest in Bitcoin, resulting in a positive impact on its price.
Predicting Bitcoin’s Price Surge After Super Bowl 2024
Based on past trends, it is possible that Bitcoin will experience a surge in price after the Super Bowl in 2024. However, it is important to note that market conditions and other external factors can also play a significant role in Bitcoin’s price movement.
One major factor to consider is the mainstream adoption of Bitcoin. Over the years, we have seen an increase in the number of institutions investing in or accepting Bitcoin as a form of payment. As these institutions continue to adopt Bitcoin, it is likely that the demand and price will also increase, making it less reliant on events like the Super Bowl for price surges.
Additionally, the overall state of the economy and global financial markets can also affect Bitcoin’s price movement in 2024. While it is impossible to predict the future, monitoring economic trends and developments can provide some clues about the potential impact on Bitcoin’s price.
Wrapping Up
The relationship between the Super Bowl and Bitcoin’s price surge is an interesting phenomenon that has caught the attention of many investors and market watchers. While it is too early to tell for certain, there is a possibility that the trend may continue in 2024.
Whether you are an avid Bitcoin investor or simply curious about the future of the cryptocurrency market, it is important to keep in mind that Bitcoin’s price is highly volatile and subject to various factors. As always, it is essential to conduct thorough research and consult with a financial advisor before making any investment decisions.
