Bitcoin Price Surge Expected as Super Bowl 2024 Approaches
Bitcoin’s price is set to witness significant fluctuations as the Super Bowl 2024 event draws near, according to historical data trends. The NFL reported that around 200 million viewers, accounting for 60% of the U.S. population, watched the 2023 Super Bowl, making it the second most-watched sporting event globally after the FIFA World Cup.
In 2022, Bitcoin made a memorable debut at the Super Bowl, with prominent crypto ads starring A-list celebrities. FTX, in particular, garnered attention for featuring Steph Curry, Naomi Osaka, Tom Brady, and Larry David in their ad. Additionally, they offered a 7.54 BTC giveaway worth $317,000 in market value. The presence of such crypto ads during major sporting events has raised questions about their impact on public interest in cryptocurrency.
Analyzing the data from the last two Super Bowls, a conspicuous pattern emerges. During the weeks leading up to the events, crypto whales engaged in a buying spree, coinciding with viral ad campaigns by companies like FTX and Coinbase. Bitcoin’s price experienced a 22% surge in 2022 between the last week of January and the Super Bowl date. However, the euphoria surrounding the event waned, and BTC saw a 17% decline between February 15 and February 23, 2023.
A similar pattern repeated itself before the 2023 Super Bowl. Bitcoin’s price rallied 18% from January 18, 2023, to the Super Bowl date on February 13. However, a correction of 17% occurred between February 20 and March 10, 2023. If this historical pattern holds, BTC holders should anticipate a 24% price rally from January 23, 2024, followed by a pullback after Super Bowl 2024.
Apart from price projections, the Super Bowl is also expected to have an impact on the cryptocurrency world through betting and commercials. Last year, due to a lack of crypto commercials during the Super Bowl, the industry hopes for a change in 2024. With the recent approval of Bitcoin spot ETFs in the U.S., public interest has reached new heights.
For those looking to bet on the Super Bowl using Bitcoin, popular gambling platforms such as Stake.com, Cloudbet, Rocketpot, and Fairspin offer this option. With the advent of GambleFi, users can place bets using Bitcoin, altcoins, or fiat currency, benefiting from decentralized gambling platforms that ensure fairness, transparency, and security through blockchain technology solutions.
The Super Bowl’s influence extends to the cryptocurrency market, as large mega-cap Layer-1 cryptocurrencies like Ethereum (ETH), Ripple (XRP), and Solana (SOL) also attract significant attention during major sporting events. Consequently, tokens like Casinocoin (CSC), WINk (WIN), and FUNToken (FUN) could experience positive price action if the crypto GambleFi sector captures a fraction of the estimated $23.1 billion wagered on Super Bowl LVIII.
In summary, historical data suggests that Bitcoin may enjoy a double-digit price rally leading up to the Super Bowl, only to experience a subsequent pullback. Therefore, investors should monitor the possibility of BTC dropping below $40,000 in the weeks following the event.
Analyst comment
Positive news. Bitcoin’s price is expected to surge as the Super Bowl 2024 approaches, following the pattern seen in previous years. However, investors should be cautious as a pullback is likely after the event. The Super Bowl also presents opportunities for the cryptocurrency market, with potential positive price action for other tokens in the gambling sector. Monitoring BTC’s performance after the event is advised, as it may drop below $40,000.
