Bitcoin price surged above $48,000 on February 9 and February 11. According to historical market trends, Super Bowl LVIII will further strengthen investor interest in BTC.
The affinity between Bitcoin and the National Football League (NFL) Super Bowl emerged in 2022, with companies like FTX and Coinbase running groundbreaking advertising campaigns introducing the cryptocurrency to a massive global audience.
Historical data trends suggest that Super Bowl 2024 could have an impact on the price of Bitcoin and other cryptocurrencies due to the corporate interest generated by the recent approval of a BTC spot ETF.
Will BTC rise after the 2024 Super Bowl?
Bitcoin and cryptocurrency prices are expected to see significant price fluctuations thanks to the 2024 Super Bowl event. According to official data from the NFL, approximately 200 million viewers, or 60% of the entire U.S. population, will watch 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 big debut with a cryptocurrency commercial featuring A-list celebrities at the Super Bowl. FTX has drawn skepticism over its ads featuring Stephen Curry, Naomi Osaka, Tom Brady and Larry David. A 7.54 BTC sweepstakes with a market value of $317,000 also attracted attention.
Whether the surge in cryptocurrency advertising during landmark sporting events has increased public interest in cryptocurrencies is anyone’s guess. However, historical data shows that Bitcoin price has formed a notable pattern around each Super Bowl event since 2022.
The chart below shows the BTC price movement and trading activity of large investors before and after the last two Super Bowls.
The chart above shows a very noticeable pattern. In 2022, cryptocurrency whales have started buying in bulk, with cryptocurrency companies like FTX and Coinbase running viral ads in preparation for the main event.
In fact, the BTC price rose 22% from the last week of January to the date of the Super Bowl on February 13, 2022. Interestingly, as the euphoria surrounding the event faded, the price of Bitcoin began to fall. From February 15 to February 23, 2023, BTC plummeted 17%.
Ahead of the 2023 Super Bowl, this pattern rears its head again. The price of Bitcoin rose 18% between January 18, 2023, and the Super Bowl date of February 13. This was also quickly followed by a correction of 17% between February 20 and March 10, 2023.
If this notable historical pattern repeats, BTC holders can expect a post-Super Bowl decline in 2024, followed by a 24% price increase from January 23, 2024.
Aside from price predictions, betting and advertising are other major ways the Super Bowl is expected to impact the cryptocurrency world.
Cryptocurrency Advertising During Super Bowl 2024
Thanks to its colorful halftime musical performances, the Super Bowl has become very popular outside of North America over the years and has become a holy grail for companies competing for coveted advertising spots.
FTX wasn’t the only cryptocurrency-related company with viral advertising in 2022. Coinbase launched a 60-second ad featuring a floating, colorful QR code that directed the audience to a link offering $15 in Bitcoin to those who signed up for a Coinbase account before February 15th.
The ads were so popular that the app eventually crashed.
Due to the bitter cryptocurrency winter, cryptocurrency advertising was sparse during last year’s Super Bowl. Things may change in 2024. Public interest has grown further with the recent approval of a Bitcoin spot ETF in the United States.
Where to bet on the Super Bowl with Bitcoin?
Stake.com, Cloudbet, Rocketpot, and Fairspin are among the most popular gambling platforms that allow users to 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 currencies through various forms of blockchain technology solutions.
The term GambleFi encompasses 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” of 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.
If the Super Bowl further strengthens public interest in GambleFi, these numbers could grow even further.
Which Cryptocurrency Should You Buy After the Super Bowl?
According to industry research, approximately $23.1 billion could be bet on Super Bowl LVIII. This is an increase from $16 billion last year.
And during large sporting events like the Super Bowl, Bitcoin and other large megacap layer 1 cryptocurrencies like Ethereum (ETH), Ripple (XRP), and Solana (SOL) often receive the most attention.
If the cryptocurrency GambleFi sector captures some 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 enjoyed double-digit price gains in the weeks leading up to the last two Super Bowls, but has since declined.
If this pattern repeats, the BTC price could fall below $40,000 in the coming weeks.