Bitcoin Price Surge and Super Bowl Impact
The price of Bitcoin has recently surged above $48,000, and historical market trends suggest that the upcoming Super Bowl LVIII could further intensify investor interest in BTC. The connection between Bitcoin and the National Football League (NFL) Super Bowl was established in 2022 when companies like FTX and Coinbase introduced cryptocurrencies to a global audience through landmark ad campaigns.
Impact of Super Bowl on Bitcoin Price
According to official data from the NFL, approximately 200 million viewers, representing 60% of all people in the U.S., watched the 2023 Super Bowl. This massive viewership makes it the second most-watched sporting event globally, after the FIFA World Cup. Historical data suggests that Bitcoin price has shown a noticeable pattern around each Super Bowl event since 2022.
In 2022, BTC witnessed a 22% price increase in the weeks leading up to the Super Bowl, followed by a 17% decline afterwards. Similarly, in 2023, Bitcoin experienced an 18% rally before the event, followed by a 17% correction afterwards. If this pattern repeats, BTC holders can expect a pullback after the Super Bowl in 2024 following a projected 24% rally.
Crypto Commercials during Super Bowl
The Super Bowl has become a highly sought-after platform for corporate entities due to its popularity outside North America. In 2022, FTX and Coinbase ran viral crypto ads during the event. Coinbase’s ad featuring a floating QR code crashed their app due to its popularity. With the recent approval of Bitcoin spot ETFs in the U.S., more crypto commercials are expected during the upcoming Super Bowl in 2024.
Betting on Super Bowl with Bitcoin
Several popular gambling platforms, including Stake.com, Cloudbet, Rocketpot, and Fairspin, allow users to place bets on the Super Bowl using Bitcoin and other cryptocurrencies. The proliferation of GambleFi has further expanded options for betting with crypto. GambleFi encompasses various decentralized gambling platforms that accept cryptocurrency bets and utilize smart contracts to ensure fairness, transparency, and security in the gambling industry.
Cryptocurrencies to Consider after Super Bowl
During major sporting events like the Super Bowl, Bitcoin and other large cryptocurrencies like Ethereum (ETH), Ripple (XRP), and Solana (SOL) often attract significant attention. If the crypto GambleFi sector captures a fraction of the estimated $23.1 billion wagered on Super Bowl LVIII, tokens like Casinocoin (CSC), WINk (WIN), and FUNToken (FUN) could experience positive price action.
In conclusion, historical data suggests that Bitcoin tends to rally before the Super Bowl but experiences a pullback afterwards. Therefore, it is possible that BTC’s price may drop below $40,000 in the weeks following Super Bowl LVIII.
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