Bitcoin price rose above $48,000 on February 9 and again on February 11. Historical market trends indicate that Super Bowl LVIII will further intensify investor interest in Bitcoin.
The convergence between Bitcoin and the National Football League (NFL) Super Bowl emerged in 2022 when companies like FTX and Coinbase launched high-profile advertising campaigns introducing cryptocurrencies to a crowded global audience.
Historical data trends suggest that with corporate interest generated by the recent approval of a BTC spot exchange-traded fund (ETF), Super Bowl 2024 could impact the prices of Bitcoin and other cryptocurrencies.
Will Bitcoin rally after Super Bowl 2024?
It looks like Bitcoin and cryptocurrency prices will see significant price fluctuations thanks to the Super Bowl 2024 event. According to official data released by the NFL, nearly 200 million viewers – 60% of the total number of people in the United States – 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 Super Bowl debut, with a series of cryptocurrency ads featuring A-list celebrities. FTX has raised doubts over its ad featuring the likes of Steph Curry, Naomi Osaka, Tom Brady and Larry David. Its donation of 7.54 bitcoins with a market value of $317,000 also raised eyebrows.
It is anyone's guess whether the growing wave of cryptocurrency advertisements during historic sporting events has led to an increase in public interest in cryptocurrencies. However, historical data shows that the price of Bitcoin has formed a clear pattern around each Super Bowl event since 2022.
The chart below shows BTC price action and trading activity of major investors before and after the last two Super Bowls.
The chart above shows a strikingly clear pattern. In 2022, crypto whales went on a buying spree as cryptocurrency companies like FTX and Coinbase ran viral ads in the run-up to the main event.
In fact, the price of Bitcoin rose 22% between the last week of January and the date of the Super Bowl on February 13, 2022. Interestingly, Bitcoin prices began to decline as the euphoria surrounding the event faded. Between February 15 and February 23, 2023, Bitcoin fell by 17%.
Ahead of the 2023 Super Bowl, this pattern has reared its head again. The price of Bitcoin rose 18% between January 18, 2023 and the February 13 Super Bowl. This was quickly followed by a 17% correction between February 20 and March 10, 2023.
If this clear historical pattern repeats, Bitcoin holders can expect prices to rise by 24% as of January 23, 2024, followed by a decline after the 2024 Super Bowl.
Aside from price predictions, betting and commercials are other major ways the Super Bowl is expected to impact the cryptocurrency world.
Cryptocurrency ads during Super Bowl 2024
Thanks to its colorful halftime musical performances, the Super Bowl has been a hit outside of North America over the years, making it the holy grail for corporate entities vying for coveted ad placements.
In 2022, FTX wasn't the only cryptocurrency-related company to have a viral ad. Coinbase has launched a 60-second ad featuring a floating, colorful QR code that directs the audience to a link offering $15 in Bitcoin to those who signed up for a Coinbase account before February 15.
The ad proved so popular that the app eventually crashed.
Due to the harsh winter for cryptocurrencies, cryptocurrency commercials were rare during last year's Super Bowl. That could change in 2024. With the recent approval of Bitcoin ETFs in the US, public interest has increased even further.
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 bet on this year's Super Bowl using Bitcoin and other cryptocurrencies.
Thanks to GambleFi's reach, users can bet with Bitcoin, altcoins, or fiat currencies through various forms of blockchain technology solutions.
The term GambleFi covers a wide range of decentralized gambling platforms from accepting cryptocurrency-denominated bets to leveraging 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 a staggering 2,200% between March 2023 and February 2024.
That number could grow even larger if the Super Bowl boosts public interest in GambleFi.
What cryptocurrencies should you buy after the Super Bowl?
According to an industry survey, an estimated $23.1 billion could be bet on Super Bowl LVIII. This is up from $16 billion last year.
During large sporting events like the Super Bowl, Bitcoin and other large-cap tier-one cryptocurrencies like Ethereum (ETH), Ripple (XRP), and Solana (SOL) often attract the most attention.
If the GambleFi cryptocurrency sector captures a small portion of this value, tokens like Casinocoin (CSC), WINk (WIN), and FUNToken (FUN) could be in positive price action. see below.
In short, historical data shows that Bitcoin enjoyed a double-digit price rise in the weeks leading up to the last two Super Bowls, but subsequently entered a decline.
A repeat of this pattern could see Bitcoin's price fall well below $40,000 in the coming weeks.
