According to the data collected from the tweets on Twitter and Google search volume index (SVI), the number of tweets and their positive or negative sentiments affect the prices of cryptocurrency. The research indicated that the number of tweets changes first and then prices change later. Theoretically, if the users sentiment towards a certain cryptocurrency could be measured, then the price pattern of that particular cryptocurrency could be easily estimated.
On my own, I believe that the sentiment expressed by many in social media sites are quite reflective of the things happening in the cryptocurrency marketplace and whether the sentiment can influence the moves of Bitcoin and Eth is actually hard to measure. It can actually be the other way around...developments in cryptocurrency markets are the ones shaping up the sentiment in the social media. The same thing can happen if there is a bearish market: a negative sentiment can prevail in the social media. It is funny that every time there is a bull run, studies like this are cropping up as if to provide the rationale behind why Bitcoin is going up and yet they can be silent when Bitcoin is down as there is no energy and excitement in there.