Bitcoin price rose above $48,000 on February 9th and again on February 11th. Historical market trends suggest that Super Bowl LVIII will further increase 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 placed pioneering advertising campaigns to introduce cryptocurrencies to a teeming global audience.
Historical data trends suggest that the 2024 Super Bowl could have an impact on the prices of Bitcoin and other cryptocurrencies given the corporate interest generated by the recent BTC spot ETF approval.
Will BTC rise after Super Bowl 2024?
Due to the Super Bowl 2024, Bitcoin and cryptocurrency prices are likely to experience significant price fluctuations. According to official NFL data, around 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 after the FIFA World Cup.
In 2022, Bitcoin made its big debut at the Super Bowl with a series of crypto commercials featuring A-list celebrities. FTX faced skepticism over its ad featuring artists like Steph Curry, Naomi Osaka, Tom Brady and Larry David. The giveaway of 7.54 BTC with a market value of $317,000 also caused a stir.
Whether the growing tide of crypto advertising at major sporting events has increased public interest in crypto is unclear. However, historical data shows that Bitcoin price has formed a striking pattern during every Super Bowl event since 2022.
The chart below illustrates BTC price performance and trading activity from major investors before and after the last two Super Bowls.
Bitcoin (BTC) price movement during and after the Super Bowl 2022 to 2024 Source: Santiment
The graphic above shows a strikingly striking pattern. In 2022, crypto whales began a buying spree as crypto companies like FTX and Coinbase ran viral ads in the lead-up to the main event.
In fact, BTC price increased 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 faded. Between February 15 and February 23, 2023, BTC plunged by 17%.
Before the 2023 Super Bowl, this pattern emerged again. Bitcoin price rose 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 itself, BTC holders can expect the 24% price rally of January 23, 2024 to be followed by a decline following the 2024 Super Bowl.
Aside from price predictions, other major impacts of the Super Bowl on the cryptocurrency world are betting and advertising.
Crypto commercials during Super Bowl 2024
Thanks to the colorful halftime musical performances, the Super Bowl has become a huge hit outside of North America over the years, making it a holy grail for companies vying for coveted advertising space.
In 2022, FTX wasn't the only crypto-related company with a viral ad. Coinbase launched a 60-second ad with a floating and colorful QR code that led the audience to a link offering $15 worth of Bitcoin to those who sign up for a Coinbase account before February 15th.
The ad proved so popular that the app eventually crashed.
Due to a severe crypto winter, crypto commercials were scarce during last year's Super Bowl. That could change in 2024. With the recent approval of Bitcoin spot ETFs in the US, public interest has grown even more.
Where can you bet on the Super Bowl with Bitcoin?
Stake.com, Cloudbet, Rocketpot and Fairspin are among the better-known gambling platforms that allow users to place bets 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 gambling platforms, from accepting cryptocurrency-denominated bets 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 a staggering 2,200% between March 2023 and February 2024.
This number could rise even further if the Super Bowl further increases public interest in GambleFi.
Which cryptocurrencies should you buy after the Super Bowl?
An estimated $23.1 billion could be wagered on Super Bowl LVIII, according to an industry survey. That's up from $16 billion last year.
And during major sporting events like the Super Bowl, Bitcoin and other major mega-cap Layer 1 cryptocurrencies like Ethereum (ETH), Ripple (XRP), and Solana (SOL) often attract the most attention.
If the crypto GambleFi sector reaches 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 a double-digit price increase in the weeks leading up to the last two Super Bowls, but subsequently experienced a decline.
A repeat of this pattern could see BTC price fall well below $40,000 in the coming weeks.
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