Bitcoin price rose above $48,000 on February 9 and again on February 11. Historical market trends suggest that Super Bowl LVIII will further strengthen investors’ interest in BTC.
The affinity between Bitcoin and the National Football League (NFL) Super Bowl came to the fore in 2022 when companies like FTX and Coinbase posted landmark advertising campaigns that introduced cryptocurrencies to a teeming global audience.
Historical data trends suggest that with the corporate interest generated by the recent BTC spot ETF approval, Super Bowl 2024 could affect the prices of Bitcoin and other cryptocurrencies.
Will BTC rise after Super Bowl 2024?
Bitcoin and cryptocurrency prices look to see significant price swings thanks to the Super Bowl 2024 event. According to official data from the NFL, about 200 million viewers – 60% of all people in the US – watched the 2023 Super Bowl, making it the second most watched sporting event in the world, behind the FIFA World Cup.
In 2022, Bitcoin made its big debut at the Super Bowl, with an entourage of crypto ads featuring A-list celebrities. FTX attracted skepticism for its ad featuring the likes of Steph Curry, Naomi Osaka, Tom Brady and Larry David. The giveaway of 7.54 BTC worth $317,000 in market value also raised eyebrows.
Whether the growing wave of crypto ads during landmark sporting events has increased public interest in crypto is anyone’s guess. However, historical data shows that Bitcoin price has formed a striking pattern around every Super Bowl event since 2022.
The chart below illustrates BTC price action and major investor trading activity before and after the last two Super Bowls.
The chart above shows a strikingly striking pattern. In 2022, crypto whales went on a buying spree as crypto companies like FTX and Coinbase posted viral ads in the build-up to the main event.
In effect, BTC price rose by 22% between the last week of January and the Super Bowl date on February 13, 2022. Interestingly, Bitcoin prices began to decline as the euphoria surrounding the event subsided. Between February 15 and February 23, 2023, BTC tanked 17%.
Ahead of the 2023 Super Bowl, this pattern reared its head again. Bitcoin price increased by 18% between January 18, 2023 and the Super Bowl date on February 13. This was also quickly followed by a 17% correction between February 20 and March 10, 2023.
If this striking historical pattern repeats, BTC holders can expect the 24% price increase from January 23, 2024 to be followed by a pullback after the Super Bowl 2024.
Aside from price projections, betting and advertising are other major ways the Super Bowl is expected to impact the cryptocurrency world.
Crypto ads during Super Bowl 2024
Thanks to colorful halftime musical shows, the Super Bowl has become a huge hit outside of North America over the years, making it a holy grail for corporate entities pushing for coveted ad placements.
In 2022, FTX was not the only crypto-related firm with a viral ad. Coinbase launched a 60-second ad with a floating and colorful QR code that directed the audience to a link offering $15 in Bitcoin to those who sign up for a Coinbase account before February 15th.
The ad was so popular that the app eventually crashed.
Due to a bitter crypto winter, crypto ads were scarce during last year’s Super Bowl. This may change in 2024. With the recent approval of the 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 more popular gambling platforms where users can place bets on this year’s Super Bowl using Bitcoin and other cryptocurrencies.
Thanks to the distribution of GambleFi, users can place bets with Bitcoin, altcoins or fiat through various forms of blockchain technology solutions.
The term GambleFi covers a wide range of decentralized gambling platforms, from accepting bets with cryptocurrency to using 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 figure could grow further if the Super Bowl further strengthens public interest in GambleFi.
Which cryptocurrencies to buy after the Super Bowl?
According to an industry survey, an estimated $23.1 billion can be bet on Super Bowl LVIII. That’s up from $16 billion last year.
And during major sporting events such as the Super Bowl, Bitcoin and other large mega-cap Layer-1 cryptocurrencies such as Ethereum (ETH), Ripple (XRP), Solana (SOL) often attract the most attention.
If the crypto GambleFi sector captures a fraction of this value, tokens like Casinocoin (CSC), WINk (WIN) and FUNToken (FUN) could be in for positive price action. See below.
In summary, historical data shows that Bitcoin enjoyed a double-digit price rally in the weeks leading up to the last two Super Bowls, but then entered a pullback.
A repeat of that pattern could send the BTC price well below $40,000 in the coming weeks.
Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!
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