Bitcoin price climbed above $48,000 on February 9 and again on February 11. Historical market trends suggest that Super Bowl LVIII will further intensify investor interest in BTC.
The affinity between Bitcoin and the National Football League (NFL) Super Bowl emerged in 2022 when companies like FTX and Coinbase launched landmark advertising campaigns introducing cryptocurrencies to large global audiences.
Historical data trends suggest that with corporate interest generated by the recent approval of the BTC spot ETF, the 2024 Super Bowl could impact the prices of Bitcoin and other cryptocurrencies.
Will BTC rise after Super Bowl 2024?
The prices of Bitcoin and cryptocurrencies are expected to see significant price fluctuations thanks to the Super Bowl 2024 event. According to official NFL data, approximately 200 million viewers, or 60% of the total population of the United States, United, 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 a suite of crypto ads featuring A-list celebrities. FTX has sparked skepticism over its ad featuring Steph Curry, Naomi Osaka, Tom Brady and Larry David. His gift of 7.54 BTC with a market value of $317,000 also raised eyebrows.
It is unclear whether the growing wave of crypto advertisements during marquee sporting events has increased public interest in crypto. However, historical data shows that the price of Bitcoin has formed a clear trend around every Super Bowl event since 2022.
The chart below illustrates BTC price action and trading activity from large investors before and after the last two Super Bowls.
The chart above shows a remarkably striking trend. In 2022, crypto whales went on a buying spree as crypto companies like FTX and Coinbase ran viral ads in the build-up to the main event.
Indeed, the price of BTC increased by 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 has dissipated. Between February 15 and 23, 2023, BTC fell by 17%.
Ahead of the 2023 Super Bowl, this model has resurfaced again. The price of Bitcoin increased by 18% between January 18, 2023 and the date of the Super Bowl on February 13. This was also quickly followed by a 17% correction between February 20 and March 10, 2023.
If this remarkable historical pattern repeats itself, BTC holders can expect the 24% price rise starting January 23, 2024 to be followed by a pullback after the 2024 Super Bowl.
Besides price projections, betting and advertisements are other important ways in which the Super Bowl is expected to impact the world of cryptocurrencies.
Crypto Ads During Super Bowl 2024
Thanks to its colorful halftime musical performances, the Super Bowl has become a big hit outside of North America over the years, making it a holy grail for companies jostling for locations coveted advertisers.
In 2022, FTX wasn’t the only crypto-related company to run a viral ad. Coinbase launched a 60-second ad featuring a colorful, floating QR code that directed audiences to a link offering $15 in Bitcoin to those who sign up for a Coinbase account before February 15.
The ad proved so popular that the app ended up crashing.
Due to a bitter crypto winter, crypto ads were rare during last year’s Super Bowl. This could change in 2024. With the recent approval of Bitcoin spot ETFs in the United States, public interest has increased further.
Where to bet on the Super Bowl with Bitcoin?
Stake.com, Cloudbet, Rocketpot and Fairspin are some of the most popular gaming platforms where users can bet 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 covers a wide range of decentralized gaming platforms, from accepting cryptocurrency-denominated bets to leveraging smart contracts to ensure fairness, transparency and security in the gaming 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 increase further if the Super Bowl further boosts public interest in GambleFi.
Which cryptocurrencies to buy after the Super Bowl?
According to an industry survey, an estimated $23.1 billion could be wagered on Super Bowl LVIII. That’s up from $16 billion last year.
And during major sporting events like the Super Bowl, Bitcoin and other large-cap layer 1 cryptocurrencies like Ethereum (ETH), Ripple (XRP), Solana (SOL) often attract the most attention.
If the GambleFi crypto sector captures a fraction of this value, tokens like Casinocoin (CSC), WINk (WIN), and FUNToken (FUN) could see positive price action. See below.
In summary, historical data shows that Bitcoin saw double-digit price increases in the weeks leading up to the last two Super Bowls, but then experienced a pullback.
A repeat of this trend could see the BTC price fall well below $40,000 in the coming weeks.