Can We Predict Bitcoin Price Via Following Bitcointalk.org?
The predictive power of social media across various financial markets has been recently discovered. Many academic studies have proven that social networks can act as valuable tools in the prediction of price movements of various investment instruments.
I found a recently published study that examined the predictive power of social networks of the price of bitcoin, and other cryptocurrencies. I wrote an article about it for livebitcoinnews.com. The study used bitcointalk.org as an example of a social network that specializes in bitcoin, and cryptocurrency, related discussions. The study compared the value of information posted by high rank users with that posted by low rank users on various sections on bitcointalk.org's forum.
The study found out that content posted on social networks, especially those specializing in bitcoin related discussions such as bitcointalk.org, can be predictive of future price movements as proven by sentiment analysis.
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