Bitcoin Forum

This bot is designed to buy bitcoin every time Elon musk tweets about bitcoin with the following parameters:

The bot will open a buy position on bitcoin every time Elon mentions bitcoin in his tweet
Take profit is set to 10% and stop loss to 5%
The bitcoin bot will not place another trade if there is already an active trade (can be adjusted)

The bot uses the Tweepy API and a Twitter developer account that you will need access to, as well as a MetaTrader 5 account.

What are your thoughts on this, would you try it?

Guide: https://www.cryptomaton.org/2021/03/21/program-a-trading-bot-to-buy-bitcoin-when-musk-tweets-about-it/

GitHub repo: https://github.com/CyberPunkMetalHead/bitcoin-bot-buy-if-elon-tweets

UPDATE

Many of you have suggested to add a function to detect the Tweet's sentiment to that the bot does not buy bitcoin if Elon's Tweet contains a negative sentiment about it.
I went and looked for an API that can be integrated in my project and found one that works pretty well.

The Bot will now only buy if the Tweet where bitcoin is mentioned has a positive sentiment! Here are the new resources:

Article and Guide: https://www.cryptomaton.org/2021/03/25/program-a-trading-bot-to-buy-bitcoin-when-musk-tweets-about-it-part-2/

GitHub Repo: https://github.com/CyberPunkMetalHead/bitcoin-bot-buy-if-elon-tweets/tree/buy-crypto-if-elon-mentions-crypto-positively

Although I appreciate the effort and time you may have put into it, I believe that with buy & hold you will have more than enough profitability. The bitcoin has been the most profitable asset of the last decade and everything looks like it will be the most profitable of the next decade, outperforming by far any other asset. Strategies to supposedly get an even higher return seems like a waste of time to me.

Nice one but I am the type that believes Elon Musk tweet to be the major Bitcoin market price drive but his ranks in terms of Billionaire and level of knowledge which make a lot of naive cryptos investors use his tweet as an investment decision but this will only happen for some time just like we have seen through McAfee back then.

The cryptocurrency market always presents a new opportunity and not seizing the opportunity is what I consider to be a waste of time so there's nothing bad in creating strategies to get high returns.

That's a good point, I'm not encouraging anyone to test this in a live-environment, though it's typically less risky to do this with Bitcoin because even if it dips soon after the tweet you can just hold it.
The bot is made for the fun of it and to explore novel ways of creating automations and integrating processes.

Interesting
He would ofc use his image and he has been using it to influence the price therefore you can for sure make profits. But bot won't be able to put a contrast in bad vs good tweets. Tomorrow he might tweet that he is selling and your bot will buy and it would be a blunder. Rather ask not to send tweet + reminder to mobile and ask for permission, maybe some alarm ⏰. You can also add many other big personalities that influence the price. Reduce the loss percentage to 1-2%, but I don't think it will be that simple you have to for sure make more adjustments.
Plus add more cryptocurrencies, like eth, dogecoin etc. Did you make any profit yet ? Plus share more about it here !! It's a smart move but some small pot holes here and there.

Yes it doesn't take tweet sentiment into account right now but I am developing a module for it so it will be able to tell whether it's a positive or negative tweet. As well as adding support for more coins and twitter accounts.

So your bot would buy Bitcoin before it bumps? Really interesting because there would be both kinds of tweets like positive and negative, but often Elon posts positive about Bitcoin. Anyway since you are working to detect either it's positive or negative so this problem would be solved. But not sure if it would be useful for traders. Because when it will be revealed publicly then everyone will start using it and I don't how then how the market will react. Anyway, good discovered. Seems Elon Musk mostly posting about Doge, LOL.

Yeah, I should write one for Doge too lol

This is a double edge sword... What happens if the tweet says:


That for sure will break the bitcoin prize, and I see the bot was coded to take the 0.5% loss, so, it will not hurt much, but that 0.5% will be gone, so, I'm not sure if I would run this bot.

That's the main problem if Musk tweets something bad about BTC is a risk for our money. But it would be nice if you can make a version for dogecoin too.

I may add sentiment analysis so the bot can detect the tone of voice for the tweet - and yes Doge and Elon have been mentioned on here a few times!

In the first place anyway, I'm not a fan of any kind of Bot in trading. Second Elon Musk for Me is only making a lot of money via Twitter, since that this tools for Him became effective, He made it now as one of His hobby every time He wants to earn a lot in cryptocurrency. This was I saw based on my observation. Others may agreed and disagreed with me. Good day :)

if nothing else, nice initiatives from your end. you will be the first client of your bot, and see for yourself if it will indeed bring you profits. but the challenge here is how often will Musk give tweets in relation to bitcoin or doge? since it is very unpredictable, this bot will have long time of rest.
are you going to share the performance of the bot the next time we hear from Elon Musk?

Yes, this particular bot was mainly built for fun. I wouldn’t endorse it for use on a live account, but I will develop it further in my free time. I am passionate about crypto bots and currently working on a few others that I plan to open source once the testing is complete.

A more conventional bot I shared recently is supposed to detect spikes in the Bitcoin price and buy, riding the short-term increase.

I was really thinking of implementing this kind of bot that detect elon's tweet whether he mentioned specific crypto or not with node js since his tweet really impactful to the market  but you've already done it, then I'll have the pleasure to use it instead LOL.
but yeah, it seems other people's concern regarding when there's some negative words accompanying bitcoin in his tweet could somewhat be a double edged sword, I think the simplest solution right now is just to also detect if his words contains negative words.
Honestly, can't imagine if for example 10 thousand people use the bot, elon basically in control of 10k people's money in their financial decision, kinda scary and the reason that holds me back.

You might want to expand it to more than just Elon's tweets because these kind of bot is used in HFT which scours the Internet for keywords that can help the bot in deciding whether to buy the stocks. I guess if you improve upon your project, I think that it might be something and you might be able to make more money than what you currently make with the latest bot.

Glad you find it interesting and let me know what your results are if you decide to test this!

Yes, I could develop this beyond just being built for the novelty of it. I can add a sentiment analysis module that I have coded for a previous project.

Regarding your idea about taking into account more than just Elon?s tweets - do you want to help out devise a strategy?

Should this be focused on a few key accounts, or should it scrape Twitter or the internet for quantitative sentiment data?

What do you think may be a good indicator?

Talented actually. But sometime Elon Tweet isnt favor bitcoin depends on the content of his statement. But favorably most of his tweet will favor bitcoin considering Tesla Invested with it. Frankly speaking, this will surely have gains for most users who will use this.

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This could be a small profit generated once Elon becomes active for certain time. Not planning to monetize the not?

Maybe not, because not all the time a famous person tweets about bitcoin drives the price. Bot are just programs by human which does errors and so their creations. It's better to focus and understand another major factors on price hike than to rely with some bot related to someone's tweet.

I think that it is necessary to make such a distinction so that when Elon Musk creates a tweet with negative information about bitcoin, your bot does not open an order to buy BTC. Since if Musk writes that Tesla sold previously purchased bitcoins, I am sure that the price of BTC will begin to decline, and you will suffer a loss in the case of opening a transaction in long.

I am happy that people try astounding things around the internet. I am really not sure if I will ever use it or not but, it looks very interesting. This could be the start of something big. Though bot trading is unrealistic for me, then also based on the concept this one looks good. You were pretty good at thinking that Elon Musk's tweets may affect the bitcoin price movement. However, they are not entirely moving the price almost always! The bot may be useful for one or two times couple of weekly or monthly. So the question is whether it would be worth using it? I mean if the frequency of tweet were too much and at each tweet it would have moved the price then it could have been beneficial. Thats what I think about it.

I believe there is a logic behind it, not supporting it but there is a logic behind it. If Elon writes a tweet, he writes good things about it, and that's why it goes up, if he changes his mind you could be in trouble for just one tweet period and then close it, but until then at least you could trade accordingly.

I believe this is not a bad idea, not like dude who invested 1.5+ billion dollars of his companies money on bitcoin and start accepting bitcoin will suddenly have a change of heart and start talking negatively about bitcoin, that looks as unlikely as possible. Which is why I think if you could be the first one to get in and wait for it to go up, depending on the situation we could have a decent profit thanks to it. Not like it increases a lot each time, it increased like 3% this time, so it wasn't a big deal, so it is not a trick to get rich.

We will not be able to get such information in a timely manner that Tesla has sold its 1.5 billion bitcoins. And I admit that such a decision can be made to fix the profit from the sale of BTC, which exceeds the profit from the sale of cars at the moment for the past year. And after Elon Musk tweets that Tesla sold BTC, I'm sure the price of bitcoin will go down.

UPDATE

Many of you have suggested to add a function to detect the Tweet's sentiment to that the bot does not buy bitcoin if Elon's Tweet contains a negative sentiment about it.
I went and looked for an API that can be integrated in my project and found one that works pretty well.

The Bot will now only buy if the Tweet where bitcoin is mentioned has a positive sentiment!

Article and Guide: https://www.cryptomaton.org/2021/03/25/program-a-trading-bot-to-buy-bitcoin-when-musk-tweets-about-it-part-2/

GitHub Repo: https://github.com/CyberPunkMetalHead/bitcoin-bot-buy-if-elon-tweets/tree/buy-crypto-if-elon-mentions-crypto-positively

^ I appreciated your bot project but I have a question too, is there a time frame before the bot will execute the buying point?
Because if the bot executes buy instantly after reading the tweet, it will not probably have an effect immediately. It will take probably an hour.
Nevertheless, probably this is an effective way to gain profit but I don't think it will consistently have the same result every time when Elon Musk tweeted about BTC. Just one last question, how about if the tweet is in neutral sentiment?

its unlikely but its possible because other btc influencers do also have a change in their minds on supporting bitcoin but if elon tweeted that negative decision first ,
the bot can detect it and we can sell or prepare for a buy out before elon make its move of selling his btc and if not ,
there is still a stop loss in the bot that can help you prevent from loosing further .
btc value dont revovle alone in the hands of elon but thanks for the effort op

Of course it doesn’t, the bot is mainly built for the novelty of it and not much else.
There many other indicators that can be used that would probably yield a better trading strategy.

But if we take into account social media sentiment - a quantitative solution ie: analysing 1000s of tweets will probably give an indication about how people feel about Bitcoin that that moment in time. This, I feel would be more accurate.

You describe the benefits of a bot that you design yourself with the systems and settings you have configured. but what about the opposite risk? suppose the tweet is not to raise bitcoin? it's just that in the tweet mentions bitcoin.

well I simplify. Elon tweets about bitcoin or DogeCoin on average always use figure of speech. elon is not a person with minimal education. example: when elon makes a tweet about DogeCoin (he only occasionally uses the words "DOgeCoin").
while the rest use word games and pictures.

So how can the bot detect your tweet about bitcoin with language or code? whether the bot that you designed is able to read that much?

if not then you are wasting your time on a tweet from Elon.

Well it looks for tweets by giving it keywords, so you can choose what keywords your bot should be looking for and it will go looking.
There are definitely risks associated using this bot, I never endorsed using it on a live account. It's built for fun mainly, like I said before.

What's the impact of this bot you have made with Elon Musk then after he tweeted about accepting payments of his company bitcoin suddenly pumped a little then bounce down not so long after his tweet.

Is the bot strategy works after the tweet?

That is an awesome trading strategy. Thank you for sharing your trading bot with us. It would be nice if you could show your trading profile for this bot. Maybe you don't want to share so much specific infortmation, but I find it very interesting. Sorry if this is too direct. How many bitcoins are you using to trade and how many trades did you do over the last few weeks?

Do we know how high the correlation between Elon Musk tweeting about Bitcoins, and a rise in Bitcoin price is?

I appreciate the results of your hard work, hope your robot is useful for you and others...
I hardly ever use a robot for trading, I am afraid because most of the stories I have heard are not profitable. but a robot to buy Bitcoin when Elon tweets is a great idea 'lol'.

This is a really great and innovative idea. I have realized over time how that Elon Musk's tweets about bitcoins influences the price, many times in the positive direction. I knew it'd be great to always be online to take advantage of such moments but just like everybody else, it is totally impossible for that to happen and now that a bot has been created, it's a super help.
It'd be good if you can show the bot trading profile so we can know how successful the bot has been. I know many people wont want to trust something until they've seen proof of its success

This is a very important and useful update, which I wrote about earlier. I would like to see another tweet by Elon Musk about bitcoin and how your bot will react to it. On the basis of this bot, you can make several varieties so that it supports not only tweets about BTC, but also, for example, about DogeCoin and other coins that Elon Musk can shill.

I'm guessing that wouldn't be easy at all to configure your bot in a way that it can determine the sentiment as well and be accurate 100% of the time, not following him but there are some people on Twitter that once they tweet they have the ability to increase that asset price 2x easily depending on that coin/token marketcap, if it can be done on his twitter page, I believe it can be used on anyone's twitter account.

Will you be adding certain keywords to it's configuration so it can figure out the sentiment(positive or negative) from the tweets or are you using other ways as well?

You quoted an old message, after which an update appeared, which already contains answers to your questions. The OP has already made an update for its bot that takes into account "the sentiment of the tweet, so that the bot does not buy bitcoins if Elon tweet contains a negative opinion about it", see more here: https://bitcointalk.org/index.php?topic=5325658.msg56642862#msg56642862

While I believe the same I am all for it when it comes to innovation, I find it interesting we have come to the point bots can be made to trade based on the sentiment of a tweet, that kind of idea would have never occurred to me so I am interested about the results anyone could get out of this bot.

Now even if this is never used to actually trade in the markets with real money it would be interesting to know what is its performance against other strategies and especially against just holding your coins, and if for some reason this turns out to be profitable prepare yourself to see lots of bots running with similar mechanics to the ones described on this thread.

It really a good idea and gives me a lot of ideas. Is it possible to make a robot that will follow tens accounts. I just wonder... It looks something like that would work better if you implement it for smaller coins.

Yeah that’s definitely possible. The bot could listen to different Twitter accounts for different cryptocurrencies.

I definitely will try this.
could you please make a youtube tutorial for this?
I don't really familiar with metatrader software.
I want to try it just for fun.

also, if you could make it more mobile-friendly, it will be useful, for example, a telegram bot maybe.
hmm.. maybe you can set some parameters based on this article.

https://beincrypto.com/what-impact-do-twitter-influencers-have-on-crypto-prices/

Thanks, I will check it out. Yes I will eventually have tutorials posted on YouTube :)

I still do not believe that sentiment could be understood like that, I think Elon could be more confusing than people realize and memes could be growing weirder as well. At the end of the day, I still do not feel that this is a good idea, we have seen the first example of Elon tweeting about how Tesla will accept bitcoin payments and then we saw a drop, that is a proof that not every time Elon tweets something the price has to go up.

Of course it wasn't Elons fault because of two things, one is that he is not in charge of everyone's feelings and decisions, he tweeted but people didn't care, and secondly there was 6 billion dollars cashed out of futures so that was a big deal. All of which means that this bot "may" work or may not work, I do not know which one will happen but I still think it is a dangerous mission that should not be done with a lot of money.

I didn't understand how that sentiment thing was applied. I am not a coder myself and I am not using this neither because I do not know how to use one even if I checked it, and I am not a coder so those codes do not mean anything to me, I tried to read the guide but the part about sentiment is a bit vague for anyone who doesn't know how to code.

If you were to explain this bot to someone who never coded a single line in their life, how would you describe it?

All the other parts make sense because I am sure you can find a method of buying bitcoin whenever Elon tweets that part makes sense to me, there is nothing too difficult to grasp about the idea, but when you add sentiment to it the shocking part is that there could be a code written to see if a sentiment is positive or negative with a code, that sounds remarkable that we are capable of doing that as humanity.

I think that there will be no repeated excitement. The second time, nobody will not react to the words of Elon Musk as at first time

A tweet left by Elon Musk on April 1 https://twitter.com/elonmusk/status/1377567762919292938 the pro that "SpaceX is going to put a literal Dogecoin on the literal moon" led to a 31% Dogecoin pump. So Elon Musk followers still react to his posts, despite the fact that he was dedicated to April Fools Day

Dogecoin? Sure. Bitcoin? I do not think so. I mean sure tesla buying 1.5 billion dollars worth of bitcoin was a big deal and I would assume anything like that again would increase the price. But I am not sure if he would be really increasing a ton of stuff for people if he just tweeted something like "bitcoin is awesome" or whatever, I don't know what is required to make it happen but I think he can't just write something cool about bitcoin and get it increase like crazy.

Doge on the other hand is a small coin, there is nothing that would make him really change a lot, it's going to be just doge and since it is easy he would tweet and it will skyrocket that's going to be the case for a long time. Obviously doge and bitcoin are different things, I think he could even pump ethereum if he wants and that's second biggest coin, but not bitcoin.

This is the challenge for the OP's bot. By the way, is he going to update the community if he finished this project and tested it already? And since the tweets are not so often, his bot has a lot of idle time to think about.  ;D Curious if this bot will get at least one right decision when the opportunity comes up. Can this bot makes him rich?

Not a bad strategy at all but if you ask me, I would rather prefer to do this manually. I mean I would want the bot to intimate me once Elon Musk has tweeted something about crypto and then I can quickly check what the tweet is, based on how positive or neutral the tweet is, I can then invest and cash out later once the market is hyped up.

But overall a very good idea and indeed the market moves up every time he makes a comment about crypto in general and dogecoin is a prime example of how words and tweets can disrupt the market.

I don't know if this kind of application would be popular with the masses, since I have a doubt about how it works. Since you are depending on the sentiment of the people with just a single tweet of Elon Musk, you already concluded that the market would work that way. In this kind of market where it's impossible to guess the right price of this unexpected market.

But I prefer the manual method instead of depending on a bot but be cool, someone might use your bot if they see some potential about it.

You can expect a good profit from such a transaction only if you respond to Musk tweet in a timely manner by opening an order. And if you expect that you will be able to open a trade within a few seconds after Musk writes a post, which is unlikely, then you will still not have an advantage over the bot.

I do agree that a tweet from Elon Musk will not make any changes to the bitcoin market and the only time the market rallied is when Tesla invested over a billion dollars and i have not seen the bitcoin market rallying because of his tweets as the market is too big for his funny tweets to get a reaction but as you said Doge will increase whenever he tweets and that cannot be said about ETH as it has a much investor base as well. Only coins with lower market cap can be manipulated with a simple tweet.

Yes, the excitement and pumping will be lesser but you cannot deny that still, he has a massive impact when he says anything about Bitcoins and people still follow his tweets like crazy so I like the idea of making such a bot. I myself was buying some dogecoins everytime he tweeted about doges so an automatic bot is even better.

Wow, wasn't quite aware of it. Thanks for informing. I agree that he still has good hold on the followers although there is no denying that it is getting lesser with each tweet.

On a side note, making April fool's jokes about something he is already shilling hard only makes he think that although it was a joke, he really wanted the price to pump.

This holds truth, can't expect the next tweet would be as impactful as the first tweet, and in each every pump caused by that tweet people losing money aswell because get FOMO'd and they could be elon's tweet lurker aswell. I would not consider using bot to monitor elon's tweet and invest based on it as a serious trading, it's mostly just testing the water.

Creating such a bot is quite easy but it is better to get a notification instead of directly buying BTC at that time.
After getting the notification we can decide whether we want to buy bitcoin or not depending on the trend and other factors.

Personally, I think that Elon's tweets just provoke a pump and dump strategy.
I don't take part in pump and dumps which is why I would never use such a bot.

I do follow him but not in the sense that I will instantly buy everytime he tweeted something, it for sure not to cause much impact than it was before but some may still follow his tweets provided they will watch their fully since it's Elon strategy to create a hype and then dump later on. It will benefit many who do day trading but not those who have bot.

Good job because you are very creative and innovative. They make many strategies for trade not to waste opportunities
in gaining profit in trading.  All strategies would be good if it could get a high profit.
Of course everyone will try to create a strategy in order to get a good return in this crypto market.

I second that. Why should I give permissions to a bot to buy BTC without understanding the risks and rewards of that trade when I can be notified anyhow and can take the trade myself? Well, I can also get notified via Twitter if I set push notifications on.  ::)


Agreed to this. Elon Musk is an inspirational person but since he came in crypto, he has changed to becoming a clown of the town as every few days he does something funny like saying something about dogecoin and it pumps up, same for btc. I like when he tweets, not to long but to short those coins because they come back where they begin the show from.

True, when it comes to executing code and make order like this bot is like unparalelled by manual work, and assuming if most of people also using bot to create order based on elon's tweet it's easily overtake those peolpe who manually make order after few minutes they heard the news regarding elon tweet.
Overall, to do thing like this, using bot is essential, otherwise be ready to always late in the game.

Well, this is really nice but everyone has their own ways that they are trading cryptocurrency, not everyone would like to buy bitcoin just because Elon Musk tweeted about it, there are a lot of people who would prefer that they dig in properly and be sure that they are actions they are about to take in their trading is accurate.

But, you still have a good idea and I know you did this because a lot of us believed that Elon Musk’s tweets were part of what pushed bitcoin up. What about this time, does it still work, and has the price been moving up all this while? There are so many things that are being considered when talking about the price of bitcoin and I think you should build your bit in a way that all these things are out into consideration.

I think it's more targeted for people who just want to automate the trading since not all people are in the same time zone like elon musk, his tweet could pop up like in the middle of the night while the person aiming to follow the tweet are in deep slumber. I think notification like that gonna be great as a side feature aswell.

thanks cyber punk metal head.

i want to do something different but simple. he seems to give the best sell signals ive ever seen.

condition: when elon tweets are related to crypto (sentiment, message, etc don't matter)

action: can you make it open a high leveraged short position from the market on btc, ltc, eth, doge all at once with a set amount?

would be cool to be able to this on bybit and press a button that confirms the sell/short position.

thanks.

right, for people who want a trading bot and feel comfortable with it, then we can't blame it. and one more thing why we have to follow ellon for trading, I think it's clear even though he has influence, but for now many traders don't like him. I think manual trading will be better than bots or just following the news

That's pretty impressive of you doing it alone because the high frequency trading industry takes a lot of team of developers to do this, they create a sort of web crawler that searches for keywords that will help decide their algorithm to do trades.