Report: Google Search Volume and Tweets responsible for Bitcoin Price Surge

[DreamStage]

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"

[pinoyden]

That's not a news to me Of course price goes up according with tweets or rumors....

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  .

[Juggy777]

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.

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.

[Adriano2010]

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.

[sunsilk]

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

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.

[Yaunfitda]

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.

[davis196]

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.

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.

[thecodebear]

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

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.

[rdluffy]

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

[RealMalatesta]

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.

[Pursuer]

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.

[omonuyak]

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.

[adaseb]

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.

[marcbitcoins]

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.

[wuvdoll]

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.

[ryzaadit]

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.

[timerland]

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.