[2018-08-13]Study Finds Google Search can Forecast Bitcoin Price Rises

[Vladdirescu87]

A recently published study by the National Bureau of Economic Research (NBER) alludes that crypto markets vary based on the type of attention they get — which is not the case with traditional financial markets.

Differently with other traditional financial assets, Cryptos don’t behave or react to the same platform of market factors as traditional financial instruments but instead, they vary more closely with “Crypto specific factor,” as per the non-profit’s report.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/study-finds-google-search-can-forecast-bitcoin-price-rises/

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[bbc.reporter]

This is already known by many people in the community. There were already many Reddit posts in the past that showed Google trend searches for bitcoin and other cryptocoins to determine increased interest.

They were good for our amusement but they were not taken seriously.

[1BTC EQUALS 1CAR]

Traditional financial markets like Forex cannot be easily penetrated by people who wanted to invest in it whenever they feel to so that's why the interest don't affect its market. While on bitcoin, when the interest rises again, people will go crazy buying at any exchange they want and anytime they want.

[odolvlobo]

I didn't read the report, but I'm skeptical.

It discovered that a standard deviation soar in searches for various keywords like "Bitcoin" predicted a small rise in the price of the token in the following weeks.

Averagely, according to the report, a single standard deviation shoot up in the keyword search result to a 2.75% price increment.

A 2.75% change is nothing. It can change by that amount every day.

[dxl0536]

in my opinion, The main relationship between supply exceeding demand and supply less than demand ! if our need btc more, the price is high. accordingly the price low.

[gentlemand]

There'll come a time where google searches are not a good metric. It's not as if anyone these days googles 'how to buy a phone'. You just buy one. Coinbase will eventually be as ubiquitous as Amazon for better or worse.

For now though it still does count for something.

[stomachgrowls]

I didn't read the report, but I'm skeptical.

It discovered that a standard deviation soar in searches for various keywords like "Bitcoin" predicted a small rise in the price of the token in the following weeks.

Averagely, according to the report, a single standard deviation shoot up in the keyword search result to a 2.75% price increment.

A 2.75% change is nothing. It can change by that amount every day.

The thing they called The "Keyword Search" Impact and rise up the price for 2.75% isnt really interesting at all you have said these percentages can happen everyday or anytime.

Lots of factors that do affect bitcoins price but this news doesnt really give any surprise at all. There might be a increase on search up but doesnt mean it do increase the demand.

[Nebula Crook]

Whats the point of covering such news when even the analysis are proving . wrong this time. This news needs to be ignored.

[monocolor]

This may be similar to "technical analysis" in stock market. There may be indications that can be seen in certain way.

[darkangel11]

Whats the point of covering such news when even the analysis are proving . wrong this time. This news needs to be ignored.

Why? According to google trends the word Bitcoin is in a yearly low when it comes to search numbers and it's actually less popular at the moment than the phrase "bitcoin hack" At the same time we are in a prolonged bear market which seems to be playing out as shown in the research. I'm not saying that they cannot be wrong and we should use this method to predict the price, but it also isn't completely wrong and shouldn't be ignored. It's more of a fun fact than a guide to successful trading.