Bitcoin prices soared to over $48,000 on February 9th and rose again on February 11th. Past market trends suggest that Super Bowl III will further increase investor interest in BTC.
The affinity between Bitcoin and the National Football League (NFL) Super Bowl has led to companies like FTX and Coinbase running groundbreaking ad campaigns in 2022 to introduce cryptocurrencies to large audiences around the world. It surfaced.
Historical data trends suggest recent approval of BTC Spot ETF could generate corporate gains and Super Bowl 2024 could impact prices of Bitcoin and other cryptocurrencies .
Will BTC rise after the 2024 Super Bowl?
Bitcoin and virtual currency prices are expected to experience significant price fluctuations due to the impact of the 2024 Super Bowl. According to official NFL data, the 2023 Super Bowl was watched by approximately 200 million viewers, representing 60% of all U.S. citizens, making it his second most-watched game in the world after the FIFA World Cup. It has become a sporting event.
In 2022, Bitcoin made its big debut at the Super Bowl, with a flurry of crypto ads featuring A-list celebrities airing. FTX expressed skepticism about the ad featuring Stephen Curry, Naomi Osaka, Tom Brady, and Larry David. The 7.54 BTC perk, worth $317,000 in market value, also raised eyebrows.
It’s anyone’s guess whether the ever-increasing number of crypto ads during landmark sporting events will increase public interest in cryptocurrencies. However, historical data shows that Bitcoin prices have formed a notable pattern around each Super Bowl event since 2022.
The chart below shows the price movement of BTC and the trading activity of large investors around the past two Super Bowls.
The chart above shows a very 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.
In fact, BTC price rose 22% between the last week of January and the Super Bowl date on February 13, 2022. Interestingly, as the excitement surrounding the event wore off, Bitcoin prices began to fall. Between February 15, 2023 and February 23, 2023, BTC plummeted by 17%.
Ahead of the 2023 Super Bowl, this pattern has resurfaced. Bitcoin prices rose 18% between January 18, 2023 and the Super Bowl date on February 13, 2023. This was quickly followed by a 17% correction between February 20th and March 10th, 2023.
If this remarkable historical pattern repeats, BTC holders can expect a 24% price increase from January 23, 2024, followed by a pullback after the 2024 Super Bowl.
Other than price predictions, two of the main ways the Super Bowl is expected to impact the crypto world are through betting and commercials.
Crypto commercial during Super Bowl 2024
Thanks to its colorful halftime musical performances, the Super Bowl has long been a huge hit outside of North America, making it the holy grail for businesses vying for coveted advertising spots.
FTX was not the only cryptocurrency company to run viral ads in 2022. Coinbase has launched a 60-second ad featuring a floating, colorful QR code directing viewers to a link offering $15 in Bitcoin to anyone who signs up for a Coinbase account by February 15th. .
This ad was so popular that it eventually crashed the app.
Due to a harsh winter for cryptocurrencies, few crypto commercials were seen at last year’s Super Bowl. That could change for him in 2024. The recent approval of a Bitcoin Spot ETF in the US has further increased public interest.
Where to bet on the Super Bowl with Bitcoin?
Stake.com, Cloudbet, Rocketpot, and Fairspin are among the more popular gambling platforms that allow users to bet on this year’s Super Bowl using Bitcoin and other cryptocurrencies.
Thanks to the popularity of GambleFi, users can place bets using Bitcoin, altcoins, and 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 Dune Analytics user “cryptokoryo”, the total number of GambleFi users on the Arbitrum Layer-2 network grew by an astonishing 2,200% between March 2023 and February 2024.
This number could increase further if the Super Bowl increases public interest in GambleFi.
What cryptocurrencies should you buy after the Super Bowl?
According to industry research, an estimated $23.1 billion could be wagered on Super Bowl LVIII. That’s up from $16 billion last year.
And during big sporting events like the Super Bowl, Bitcoin and other large mega-cap Layer 1 cryptocurrencies like Ethereum (ETH), Ripple (XRP), and Solana (SOL) tend to get the most attention. It happens often.
If the GambleFi sector of cryptocurrencies captures some of this value, tokens such as Casinocoin (CSC), WINk (WIN), and FUNToken (FUN) could see positive price movements. Please refer to the following.
In summary, historical data shows that Bitcoin enjoyed double-digit price increases in the weeks leading up to the past two Super Bowls, but then entered a pullback.
If this pattern repeats, BTC price could fall well below $40,000 in the coming weeks.