A research report co-authored by five researchers from two major Korean universities (Korea University and Gangnam University) shows that forum user comments can be used to predict Bitcoin price fluctuations, and the accuracy of this method is as high as 80%. Research funded by the Korean governmentThe research paper, titled "When Bitcoin Meets Online Forums: Using Text Mining to Analyze User Opinions and Predict Price Fluctuations," was published last week. It is worth mentioning that the research was also supported by the Basic Science Research Program of the National Research Foundation of Korea (NRF), and the South Korean government also funded the research through the Information and Communication Technology Promotion Association.
methodThe methodology used for this research involves data extraction, data collection, data analysis, and model development. The researchers extracted keywords from user comments, as well as daily Bitcoin transaction volumes and prices. The study captured the Bitcoin discussion on the Bitcointalk forum from December 2013 to September 21, 2016, and the daily Bitcoin price and trading volume were captured from Coindesk. In addition, the study also used Google Trends data for the keyword "bitcoin" and Wikipedia usage data. The researchers analyzed the extracted keywords and quantified the relationship between the number of Bitcoin transactions and prices. "Then, we developed a deep learning-based model to predict the number of Bitcoin transactions and prices," the paper wrote. Over 80% accuracyAfter an extensive analysis, the researchers concluded:
The study’s authors found that online users’ posts influenced Bitcoin transactions, and claim their methodology reveals how comments influence users’ decisions to buy and sell cryptocurrencies. They then proposed various methods to improve the accuracy of the predictions, such as using quantitative analysis of search results or related content. In addition, the study could filter forum posts more finely to increase the accuracy of the predictions. Do you think forum users’ comments can predict the price of Bitcoin? Share your thoughts. |
<<: Coin Zone Trends: Bitcoin Price Trends Based on Big Data This Week (2017-05-22)
As one of the traditional physiognomy techniques, ...
How many marriage lines are there and how is your...
Bitcoin has received a lot of attention over the ...
Moles can grow not only on the face, but also any...
Are you buying virtual currency for investment or...
Many people know the saying that men wear left pa...
In palmistry, the most basic criterion for judgin...
When we see a doctor, the doctor will often look ...
We always have great curiosity about our destiny ...
Beijing time, October 18th morning news, Jack Dor...
A man's face indicates a promising future Man...
For female friends, if the lines in the palm of y...
In fact, facial features are the best way to give ...
For fans of virtual currencies such as Bitcoin, t...
Everyone has their own unique facial features, an...