Forecasting Bitcoin Price Fluctuation by Twitter Sentiment Analysis

Otabek Sattarov · Heung Seok Jeon · Ryum-Duck Oh · Jun Dong Lee

70 citations0/0 files storedInternational Conference on Information Science and Communications Technologies (ICISCT)

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Stock Market Forecasting Methods Financial Markets and Investment Strategies Sentiment Analysis and Opinion Mining

Abstract

Bitcoin is one of the main phenomena in recent times together with other cryptocurrencies due to the redefinition of the money term and its price fluctuations. Moreover, scientists are increasingly recognizing Twitter's predictive power for a wide range of events, and particularly for financial markets. This article examines to what degree Bitcoin returns can be estimated using public opinion on Twitter. Using a sentiment analyzer on Bitcoin-related tweets and financial data, the Twitter sentiment was found to have predictive power for Bitcoin's results. Once again, our findings confirm the presence of a correlation between them. We observed 62.48% accuracy when making predictions based on bitcoin-related tweet sentiment and historical bitcoin price.

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References

2016Sentiment analysis of Twitter data for predicting stock market movements 2018How Does Social Media Impact Bitcoin Value? A Test of the Silent Majority Hypothesis 2017A new look at Cryptocurrencies 2016Predicting Fluctuations in Cryptocurrency Transactions Based on User Comments and Replies 2015Social signals and algorithmic trading of Bitcoin 2017Using sentiment analysis to predict interday Bitcoin price movements 2015Using Time-Series and Sentiment Analysis to Detect the Determinants of Bitcoin Prices 2015Bitcoin spread prediction using social and web search media

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