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In 2022, the intersection of Bitcoin and the National Football League Super Bowl marked a significant moment in the cryptocurrency's journey to the mainstream.
Companies like FTX and Coinbase took center stage with landmark ad campaigns, introducing cryptocurrencies to a vast global audience.
Impact on Cryptocurrency Prices: Super Bowl 2024
Recent historical data trends indicate that corporate interest, spurred by the approval of BTC spot ETFs, could potentially influence the prices of Bitcoin and other cryptocurrencies during Super Bowl 2024.
Bitcoin and cryptocurrency prices are poised for significant fluctuations during the Super Bowl 2024 event. According to official NFL data, approximately 200 million viewers, constituting 60% of the U.S. population, tuned in to watch the 2023 Super Bowl, making it the world's second most-watched sporting event, trailing only the FIFA World Cup.
While the impact of crypto ads on public interest during major sporting events remains uncertain, historical data reveals a noticeable pattern in Bitcoin prices surrounding each Super Bowl event since 2022.
In the lead-up to the Super Bowl date on February 13, 2022, Bitcoin experienced a 22% price surge. However, this enthusiasm waned post-event, with BTC witnessing a 17% decline between February 15 and February 23, 2023.
According to Crypto News, a similar trend emerged ahead of the 2023 Super Bowl, with Bitcoin prices rallying 18% from January 18, 2023, to the Super Bowl date, followed by a 17% correction between February 20 and March 10, 2023.
If this historical pattern repeats, BTC holders may anticipate a 24% price rally from January 23, 2024, followed by a pullback post-Super Bowl 2024.
Implications Beyond Price: Crypto Commercials and Betting
Aside from price projections, the Super Bowl is anticipated to impact the cryptocurrency world through betting and commercials. According to the Hindustan Times, given the event's global appeal and the recent approval of Bitcoin spot ETFs, a resurgence in crypto commercials is expected during Super Bowl 2024.
Historical data suggests that Bitcoin has experienced double-digit price rallies preceding the last two Super Bowls and subsequent pullbacks. A recurrence of this pattern could see BTC prices dip below $40,000 in the weeks following Super Bowl 2024.
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