Bitcoin price surged above $48,000 on Feb. 9 and again on Feb. 11. Historical market trends suggest Super Bowl LVIII will further intensify 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 landmark ad campaigns introducing cryptocurrencies to a teeming global audience.
Historical data trends suggest that with the corporate interest generated by the recent BTC spot ETF approval, Super Bowl 2024 could impact Bitcoin and other cryptocurrency’s prices.
Will BTC go up after Super Bowl 2024?
Bitcoin and cryptocurrency prices look set to witness significant price swings thanks to the Super Bowl 2024 event. According to official data from the NFL, approximately 200 million viewers — 60% of all people in the U.S. — watched the 2023 Super Bowl, making it the second most-watched sporting event in the world, behind the FIFA World Cup.
In 2022, Bitcoin made its big debut at the Super Bowl, with a retinue of crypto ads featuring A-list celebrities. FTX drew skepticism for its ad featuring the likes of Steph Curry, Naomi Osaka, Tom Brady and Larry David. Its 7.54 BTC giveaway worth $317,000 in market value also raised eyebrows.
Whether the growing spate of crypto ads during landmark sporting events has increased public interest in crypto is anyone’s guess. However, historical data shows that Bitcoin price has formed a conspicuous pattern around each Super Bowl event since 2022.
The chart below illustrates BTC price action and large investors’ trading activity before and after the last two Super Bowls.
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Author: Ibrahim Ajibade
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