Bitcoin Forum

Link: https://www.coinmarketfeed.com/bitcoin-news/report-google-search-volume-and-tweets-responsible-for-bitcoin-price-surge

In a recent research on Google trends and Twitter, it has been found out that the number of tweets and their corresponding sentiments can influence prices. The research ultimately reflects that Bitcoin price trends reflect crowd psychology.

Per the research, 21 million bots on Twitter, posted information about spam, advertisements, prices, etc. Moreover, the researchers have found out that Twitter sentiment is positive in nature even in the wake of falling prices.

However, despite their findings researchers have incorporated sentiment analysis using different techniques.

Researchers have used open source VADER (Valence Aware Dictionary and Sentiment Reasoner) for analyzing tweet data. Furthermore, tweet data dating back to 2014 using the site bitinfocharts.com. Google trends data (SVI) was also taken into account.

Fancy name for the algorithm, this VADER tech,,, sometimes I think people just want to make these things up!

I have to say though,,, I think that Google has a hard time to distinguish the actual sentiments however, because I keep seeing how the trends go up and down, when I know that the awareness of the general public is going in a different direction.

In my opinion, Google gets it right majority of the time thanks to their intelligent services. It does make sense that search volume and tweets go a long way in helping the prices of BTC and altcoins surge or drop in value.

For example, Elon Musk tweeted ETH which led to a surge in its value immediately.

Search volume its not affected to bitcoin price bro, if volume going high volume its mean many people is wait and see about bitcoin price after few weeks going up.

Stop connected something on search or other media with bitcoin price :)

Well, most people run into google and twitter whenever they look up for current events and news about cryptocurrency, which may directly or indirectly affect the market demand of cryptocurrency. Not to mention, crypto influencers and enthusiasts use social media platforms and online resourcess such as facebook, twitter, youtube, etc. which can also affect the market.

Somehow there is really a connection here. And I think this had been studied well during the bull run of 2017. Whenever there is a sharp increase of searches and mentions, there is a big possibility that Bitcoin or any crypto for that matter can be going up in price. And whenever the prices of a crypto is going up, there is also a possibility that people online can be talking about. So it can be a vice-versa kind of thing.

I doubt it is the reason behind the recent hype. If it was not organic, bitcoin would have faced dump to the previous stage. But now, it seems to be stable and little chance of being dumped.

Price movements upwards are followed by a spike in interest. Not the other way around. Has been observed many times.

I highly doubt any such fancy things are playing behind the scene here! Sentiment analysis is not a very old technique and it is still taking shape with the help of AI. I am sure few percentage of crypto population may have been influenced by the positive tweets or google search trends, but the larger population is way beyond its reach!

If demand is not increasing in the ground, the price can't really increase and hold its ground! Sentiment is definitely a parameter but not very valid while comes to ground reality. It just gives a moral boost and nothing else!

I don't know if there's some correlation about search volume and price increase. I mean its pretty obvious that when the price is going up, a lot of casuals are looking for bitcoin at least crypto in general.

But it doesn't mean that they will immediately jump on the bandwagon and buy bitcoin. Just normal though, when there is hype more people are going to search any news about it.

The correlation here may not be causative but rather representative. Either way, the more people looking to learn about Bitcoin, the better.

Real media news and good marketing impact the Bitcoin price.

I sincerely doubt Tweets from bots are giving Bitcoin the rightful attention it deserves to grow.

You know, the way I see it, Twitter's all about deluded people just vomiting their spew constantly. Bull or bear doesn't actually change their sentiment, it only affects the frequency with which they spew their sentiment, so I think there's a lot more weight to frequency of mentions on social media correlating to interest, then there is sentiment.

Add to the fact that Google's and other social media algorithm don't seem to understand the nuance of cynicism (I recall a lot of false positives for sentiment because it's based purely on keywords) and we don't know yet the accuracy.

i don't know about Twitter by based on what i have seen in the past 5 years google trends is not something that affects bitcoin price but it is the other way around meaning when price rises more people find out about it so more people search and the "trend" grows.

as for twitter, like any other social media it can "spread the word" but i wouldn't go as far as saying it is affecting the price. bitcoin is not a small market to be affected by some spam on twitter. this "research" is making the common mistake of confusing cause and effect.

Tweets and social media appearances may have helped, but I don't think those alone is the only thing responsible for the surge in price. Shilling for bitcoin has always been an effective way to bring the price up, especially if the one doing it is a prominent figure in the world. There are also other factors to look into and not just tweets and search trends, like order books and actual market conditions that seemed to have more control in price than searches alone.

Personally, I believe that price surge somewhat pulls search trends upward, and also Twitter tweets as well, but times may have changed and the latter influences the former instead of it going the other way around.

No sense to me because if it was so easy then it's easy to create 500 bots per day, daily posting about BTC all day long. 500x30=15k bots monthly 180k per year and just for 1 person. BTC's price should moon in a matter of seconds so.
What the Google search volume has to do with it? How it can influence the value? So they found 21 million bots on Twitter, it is a sign from Satoshi prophecy and the 21 million bitcoins!

It's too shallow if we'll all think that the reason of the price changes is social media, though we can't deny the fact that every controversy and news being posted on social media has an impact and it influences every decision making regarding cryptocurrency. People always check what's on the trend before pursuing transactions with crypto. I guess it's something that people should watch over because some social media news are just confusing and deceiving sometimes.

Can you just stop and think for a moment that price movements are already happening that's why it's creating a movement in Google and Twitter search results. That's why it's being talk about in these websites as the movement already begun. Don't believe on every news you see because most of them are just created to get traffic revenue from their viewers, most of them don't even makes sense at all since all they create are just recycled from the web.

I think the same way and it actually makes sense to me. Any person would be interested to know what bitcoin is and what is the reason behind the spike of it's price.
At any time if bitcoin is in high price it would grab others' attention resulting in high search volume. It has happened for the most of the bull runs in the crypto history.

I really do not think so, because the Strong Hands or Whales, do not make their movements in the market for the amount of Tweets or publications, I think the market movements have been for massive purchases that have nothing to do with it, that is to say, an Investor or Speculator will not decide to raise the price of an action or currency for information that occurs in social networks, because something that has not taught the great speculators in the market since the 1800s from Wyckoff and Livermore is that they are not aware of the news, they simply analyze the market and look for the best opportunities to move the market.

I do not doubt that social networks help, because if that were the way bitcoin was worth about $ 50k a few months ago, the market moves for Institutional Money, Market Makers and all those who participate daily in the market being turn some investors.

That's not a news to me ::) Of course price goes up according with tweets or rumors....
As always People who don't have any knowledge about where pumps start or how, rush immediatly on buying which increases price therefore a new pump will emerge out of the nowhere.
It has been the same since ever and that's why there are so many "analysts"

you dont believe that news pump the price but you believe that a single tweet or rumor can ? but you didnt know that not all tweets are legit and rumors are called rumor because they maybe unreal  .

actually news , speculations  , fuds , rumors and others are also a possible factor that can affect the price of the cryptos  because other people are using it as a basis on whether they will buy or sell thier coins  .

This report is not accurate as google searches, and tweets on twitter cannot influence bitcoin prices. If it were so simple by now whales would have brought million accounts, and each day they could have influenced bitcoin prices by tweeting positive or negative news. Google searches and twitter signals are important for a seo strategy, but there’s no correlation between bitcoins prices rising because of them.

I don't think only this make bitcoin price grow, maybe had some % of contribution, but i think some whales who buy and also people who sell altcoins for bitcoin make the bitcoin price growing.

We have a recent news about searches too on app store and those were coinbase and blockchain wallet.

Coinbase and Blockchain Wallet Among Most Searched Apps on Apple Store (https://u.today/coinbase-and-blockchain-wallet-among-most-searched-apps-on-apple-store)

Bitcoin Wallets Trend as Top Apps on Apple Store as Price Spikes 112% YTD (https://www.newsbtc.com/2019/05/16/bitcoin-wallets-trend-as-top-apps-on-apple-store-as-price-spikes-112-ytd/)

You may don't think that this makes the price grow but as you said it contributes which means that it's helping because people are interested of it.

Of course when the price of bitcoin or crypto is increasing, more people who are going to search for it or even tweet. But I don't think they are responsible though and I don't see any correlation whatsoever.

Again, it's a normal process, we have seen this in the past, specifically in 2017 when the price was about to break for a new all-time-high.

Every market price reflects the crowd psychology.We don't need some fancy analysis report to show us that fact.I hate Twitter ever since I deleted my Twitter account 6 years ago.It's a spambot fest and I don't understand why do so many people like about that social media platform.
Google trends can be pretty accurate sometimes,though.

Exactly. It's not like people buy more bitcoin and spike the price because they go check out google trends and see bitcoin is up. Bitcoin starts trending on google and twitter BECAUSE the price is going up and people see it in the news so they tweet about it or search bitcoin.

This is very good, it's a great indicator that everyone is watching BTC and waiting for a good moment to invest
This indicates that new people will enter on cryptos

It is not a marvel that when people search for bitcoin it is usually when bitcoin goes high and that results with more people coming into bitcoin increasing the price leading to more people searching in an endless circle until someone breaks it and the price starts to go down and then slowly the interest to bitcoin dies down.

The real topic is what makes bitcoin gain that first attention, for example we were not breaking that 4200 dollars for a long time and all of a sudden we are at 8 thousand dollars right now, I am not wondering how we got from 4500 to 8000, that could be explained in multiple ways, I am wondering how we moved from 3500 to 4500 that was the hard part and unfortunately google can't explain that, it only explains the second stage and never the first stage.

it seems like some people who can't analyze the bitcoin movements start coming up with all kinds of superstitions to justify things for themselves so that they can have something to act on no matter how ridiculous that sounds.
in this case checking google search volume is like going to a party after seeing all the party trash in the next morning, long after the party was over and everyone ate the "cake" and left.

I did not think it in that way and since there is no fundamental reason for the current surge in bitcoin price this might be the reason. Technically I think bitcoin was oversold in December and January and that is why people are buying and that pushed the price up.

If this was the case then bitcoin would be around $4000-$5000 or so but not at $8000 and what looks like about to break out and run into the $10000 area.

Take out a weekly chart and draw a horizontal line, how many times has it been above today's price in the past? Not much. A short while in the Summer and for a week or two in May and that's it. Before that it was above $8000 only during the crazy bull run.

With these two leading sites it would greatly help any commodities to become known and famous specially if the market is going healthy. It will attract more people to join and invest in Bitcoin but i just wonder that Google and Twitter declared ban on Crypto currency last year but it seems that they still supported it.

I think people are still not that much knowledgeable about bitcoin just yet. I mean most of us know it and here but out there in the world there are many people who never heard of it and much more people who heard about it but didn't actually do anything about it. They just heard it on some news or something and they believe they know something about it but mostly its just news and the name. They don't know the details and how it works and where they can buy and sell and what not.

It means there is still a lot of work for us to actually present what bitcoin is with a very fine detail without putting too much junk information in it and explain it to people. This google search clearly shows the fact that we have a long way to go and lot of work to do.

Why search volume of "Bitcoin" increase, went the price already up. Because a lot of people try to figure out why bitcoin price actually up, then they all using google to find "Bitcoin" news from all source that's why search volume of "Bitcoin" increase. Just like bitcointalk account, went the price of bitcoin was really expensive a lot people will come here & making an account to get some information about "How to earn bitcoin". There is no connection between google search with the price of bitcoin.

Nope. I think the effects are the complete opposite way around here.

The fact that bitcoin prices have risen has led to an increase in the amount of searches conducted regarding it, which should come as no surprise to anyone. The price movements affect mainstream sentiment, while the amount of searches/tweets has a much lesser impact on price imo.

You're much better off analyzing the long term fundamentals of BTC than looking at these stats with somewhat debatable relevancy.