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Using sentiment analysis to predict interday Bitcoin price movements

Vytautas Karalevicius (KU Leuven, Leuven, Belgium)
Niels Degrande (KU Leuven, Leuven, Belgium)
Jochen De Weerdt (KU Leuven, Leuven, Belgium)

Journal of Risk Finance

ISSN: 1526-5943

Article publication date: 1 December 2018




The purpose of this study is to measure the interaction between media sentiment and the Bitcoin price. Because some researchers argued that the Bitcoin value is also determined by perception of users and investors, this paper examines how.


The database of relative news articles as well as blog posts has been collected for the purpose of this research. Hence, each article has been given a sentiment score depending on the negative and positive words used in the article.


This paper has identified that interaction between media sentiment and the Bitcoin price exists, and that there is a tendency for investors to overreact on news in a short period of time.


While sentiment analysis of Twitter posts as a predictor of the Bitcoin price has been conducted in the past, this research does not have any analog because psycho-semantic dictionaries have not been applied earlier in the Bitcoin research.



The author would like to thank Fonds voor Wetenschappelijk Onderzoek (FWO) under grant G055515N for supporting this research.


Karalevicius, V., Degrande, N. and De Weerdt, J. (2018), "Using sentiment analysis to predict interday Bitcoin price movements", Journal of Risk Finance, Vol. 19 No. 1, pp. 56-75.



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