What comes next after Super Bowl 2024?
Bitcoin’s price has experienced a surge above $48,000 recently and historical market trends indicate that the upcoming Super Bowl LVIII will further intensify investor interest in BTC. The connection between Bitcoin and the NFL Super Bowl was established in 2022 when companies like FTX and Coinbase introduced cryptocurrencies to a global audience through landmark ad campaigns. This corporate interest, coupled with the recent approval of the BTC spot ETF, suggests that Super Bowl 2024 could have a significant impact on Bitcoin and other cryptocurrency prices.
The Super Bowl has a massive viewership, with approximately 200 million viewers, or 60% of all people in the U.S., tuning in for the 2023 event. This makes it the second most-watched sporting event in the world, just behind the FIFA World Cup. In 2022, Bitcoin made its debut at the Super Bowl with crypto ads featuring A-list celebrities. FTX’s ad, featuring Steph Curry, Naomi Osaka, Tom Brady, and Larry David, drew skepticism, and its 7.54 BTC giveaway raised eyebrows.
While it is uncertain whether the growing number of crypto ads during major sporting events has increased public interest in cryptocurrencies, historical data indicates that Bitcoin’s price has followed a noticeable pattern around each Super Bowl since 2022. The chart provided shows the price action of BTC and the trading activity of large investors before and after the last two Super Bowls. In both cases, there was a buying spree by crypto whales leading up to the event, resulting in a price increase. However, the euphoria surrounding the Super Bowl faded quickly, causing Bitcoin’s price to decline shortly after the event.
If this historical pattern repeats, BTC holders can expect a price rally before Super Bowl 2024, followed by a pullback afterward. Apart from price projections, the Super Bowl is also expected to impact the cryptocurrency world through betting and commercials. In 2022, FTX and Coinbase had viral ads during the Super Bowl, and Coinbase’s ad was so popular that their app crashed. Due to the recent approval of Bitcoin spot ETFs, it is anticipated that there will be more crypto commercials during the upcoming Super Bowl.
For those interested in betting on the Super Bowl using Bitcoin, there are several popular gambling platforms available, such as Stake.com, Cloudbet, Rocketpot, and Fairspin. The proliferation of GambleFi has made it possible to place bets using Bitcoin, altcoins, or fiat through various blockchain technology solutions. GambleFi encompasses decentralized gambling platforms that accept cryptocurrency bets and leverage smart contracts for fairness, transparency, and security.
According to industry surveys, an estimated $23.1 billion could be wagered on Super Bowl LVIII, and during major sporting events like the Super Bowl, cryptocurrencies like Bitcoin, Ethereum, Ripple, and Solana often attract the most attention. If the crypto GambleFi sector captures a fraction of this value, tokens like Casinocoin, WINk, and FUNToken could experience positive price action.
In conclusion, historical data suggests that Bitcoin’s price tends to rally in the weeks leading up to the Super Bowl but experiences a pullback afterward. If this pattern continues, BTC’s price could drop below $40,000 in the coming weeks.
