monitoring social trends related to bitcoin is reliable?

[fiulpro]

Social trends simply summarize the statistics of something that is talked about a lot. It's not just about price increases, sometimes there are incidents happening around the world that are linked to other things (using tags) that actually have no effect or affected. You also have to be more careful with new coins, their social trend is just a pump and dump scheme.

Market trends are different from social trends, their statistics are generated using a different approach.

At the same time there is no way to figure out how many people there are holding bitcoins or other cryptocurrencies for real, if they are just posting about it, it doesn't necessarily mean that they are reliable or even the people are reliable. There is one thing that we know about social media and it's not to rely on it especially for big market decisions. What you can monitor is :
Decisions
News
At the end of the day it's everyday that people find a website which promises many things but at the same time it does not really sit well with the people. Stay away from scams at the end of the day and make your decisions on your own.

[Luzin]

The thread is long enough though. No one probably reported it as spam.

Social media trend is not going to be the metric to measure whether the price is going to go up or down. It's not even the case whether the coin is popular.

Sure, but we must still choose and avoid false news. Social media trends will circulate faster than by word of mouth. Many are not careful and it causes money loss. Maybe the news through social media includes Fundamental analysis although it would be better if it was combined with technical analysis. News, including this fundamental aspect, is used by many who have no sense of humanity to deceive.

[batang_bitcoin]

That's obviously a website you own. Trends are gaining yet price is decreasing? Normal as it is, welcome to the bitcoin market. I don't have to visit your website because the trends are obvious at this point and they're on a down trend.
Looking at the news, when the price of bitcoin goes down, the advantage of those negative news are coming out and it's creating FUD to the market especially to the newbies. Somehow they're dependable and acting as a signal.

The thread is long enough though. No one probably reported it as spam.

Social media trend is not going to be the metric to measure whether the price is going to go up or down. It's not even the case whether the coin is popular. Shib is very popular on social media which big exchanges are adding it to the extent that they change their meta description to BUY SHIB during its height but going over to different crypto forums, Shib is not the one they really talk about. But sure many of the traders who want the price pumped are riding to its waves.

There are times that it is, people are relying on the news and mostly it's coming from social media especially Twitter. It is where most of the "crypto experts" are come from.
They usually post their thoughts and speculations about the market there and we, people of the market are liking what we're reading there whether it's bearish stuff or bullish posts.

[BitcoinAccepted]

True, in analyzing we also cannot ignore other factors, such as social trends. Like it or not, we also have to keep up with the latest developments and news out there. Combining the two is one option, and it's a good one. We cannot deny that social trends have an influence on something.

Well said. In fact, social trends have proved to be something that can move the market. Specifically, with the trend that was associated to Elon Musk, brought about by his influence over the public. His personal statements have been made basis for many people to decide too dive into crypto, and such has also impacted the projects and coins have been mentioned by him which resulted into a trend. While it is beneficial to consider such trends and factors, it doesn’t necessarily mean that we should just rely solely on it.