Odds Say Price of Bitcoin Will Drop During 2019 Super Bowl

Bitcoin

The future of Bitcoin is wildly uncertain. Photo by pxhere (Public Domain).

Bitcoin has enjoyed widespread acceptance since its introduction 10 years ago
Recent volatility resulted in a massive drop in Bitcoin price during Super Bowl LII
Historical data indicates Sunday is the best day of the week to invest in Bitcoin

It’s been a tough year for Bitcoin investors, who have watched helplessly as the value of the popular cryptocurrency has tumbled by almost half since mid-November, and by approximately 80% since peaking at just under $20,000 back in late 2017.

While there looks to be little chance that Bitcoin will return to its lofty high anytime soon, good news could be in store for BTC investors on Super Sunday, with odds of the price of Bitcoin climbing during the Super Bowl pegged at -130 at Bovada.

What Will Happen to the Price of Bitcoin (BTC) During the Super Bowl?

What Will Happen to the Price of Bitcoin (BTC) During the Super Bowl?
Odds at
Bovada (01/23/19)
Bitcoin Price is More at Game’s End
-130
Bitcoin Price is More at Game’s End
-110

Bitcoin Defined the Cryptocurrency Market

The cryptocurrency market has been largely defined by Bitcoin since its introduction in January 2009, seven years after New England Patriots quarterback Tom Brady’s first Super Bowl victory.

Things that didn’t exist when Tom Brady played in his first Super Bowl:

iPhone
Android
Facebook
YouTube
MySpace
Instagram
Tesla
Spotify
Skype
Twitter
LinkedIn
Gmail
Uber
Airbnb
Google Maps
iTunes Store
SoundCloud
Nintendo Wii
Dropbox
Hashtags
SpaceX
Reddit
Fitbit
GoPro
iPad

— Jon Erlichman (@JonErlichman) January 21, 2019

Invented by an unknown person or group operating under the pseudonym “Satoshi Nakomoto”, Bitcoin is built on a cryptographic record-keeping technology known as a blockchain, and acts as a form of electronic cash that can be traded anonymously through peer-to-peer networks without the need for oversight by a central bank or other authority.

Who is Satoshi Nakamoto? The Bitcoin Creator Myth | 101 Blockchains https://t.co/G6JYUdlD9a #like

— Suresh Surenthiran (@sureshone) January 23, 2019

Bitcoin Boom Fizzled During Super Bowl LII

After enjoying modest increases in value over the first eight years of its existence, the value of Bitcoin skyrocketed in value in late 2017, attracting attention from mainstream investors and generating a buying frenzy. Those good times proved to be short lived, however, with the price of Bitcoin steadily tumbling as the calendar turned to 2018.

Odds Suggest Asia Will Be Home to the Next Country that Legally Recognises Bitcoin

The decline was strengthened by news in early February 2018 that a number of US banks would refuse to support Bitcoin, while moves by China to ban the cryptocurrency fueled a massive drop of approximately $2,000 over the weekend of Super Bowl LII.

As U.S. banks like @jpmorgan, @BankofAmerica, and @Chase block all cryptocurrency transactions, I have to wonder who hasn’t yet gotten off the crazy train this round. Bitcoin is tanking on Super Bowl Sunday – here’s what happened. Via @BGR https://t.co/QEGIiEK1Fz

— Juan Gonzalez (@Kaelon) February 5, 2018

Bitcoin investors took a further beating in late 2018, with the cryptocurrency tumbling from approximately $6,500 to under $3,300 between early November and mid-December. However, Bitcoin has since shown signs of increased stability in recent weeks, with the price largely staying within 10% of $3,600.

Data Indicates Sunday as a Good Day to Buy Bitcoin

A decade’s worth of data also indicates that soft trading and dips in prices make Sunday an ideal day of the week to invest in Bitcoin.

What’s the best day of the week to buy or sell Bitcoin? Analysis using @CoinMarketCap data.

Full post:https://t.co/hxkF3mXQSl$BTC #Bitcoin #cryptocurrency #trading #Crypto pic.twitter.com/1aMMquVgf3

— JCLetics (@jcletics) February 18, 2018

But as many investors and sports bettors have learned the hard way, past performance provides no guarantee of future results, making forecasting how the price of Bitcoin will change a risky business. And with volatility in the Bitcoin market expected to continue for the foreseeable future, a -110 wager on the price falling over the course of Super Bowl LIII provides plenty of value for the sports bettor ready to take the risk.

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