Forecasting Bitcoin Price During Covid-19 Pandemic Using Prophet and ARIMA: An Empirical Research
- Title
- Forecasting Bitcoin Price During Covid-19 Pandemic Using Prophet and ARIMA: An Empirical Research
- Creator
- Dhaku C.R.; Arumugam S.K.
- Description
- Bitcoin and other cryptocurrencies are the alternative and speculative digital financial assets in today's growing fintech economy. Blockchain technology is essential for ensuring ownership of bitcoin, a decentralized technology. These coins display high volatility and bubble-like behavior. The widespread acceptance of cryptocurrencies poses new challenges to the corporate community and the general public. Currency market traders and fintech researchers have classified cryptocurrencies as speculative bubbles. The study has identified the bitcoin bubble and its breaks during the COVID-19 pandemic. From 1st April 2018 to 31st March 2021, we used high-frequency data to calculate the daily closing price of bitcoin. The prophet model and Arima forecasting methods have both been taken. We also examined the explosive bubble and found structural cracks in the bitcoin using the ADF, RADF, and SADF tests. It found five multiple breaks detected from 2018 to 2021 in bitcoin prices. ARIMA(1,1,0) fitted the best model for price prediction. The ARIMA and Facebook Prophet model is applied in the forecasting, and found that the Prophet model is best in forecasting prices. 2023, The Author(s), under exclusive license to Springer Nature Switzerland AG.
- Source
- Lecture Notes in Networks and Systems, Vol-717 LNNS, pp. 487-495.
- Date
- 2023-01-01
- Publisher
- Springer Science and Business Media Deutschland GmbH
- Subject
- ADF; Bitcoin; Blockchain; Bubble; Covid-19; Cryptocurrency; Fintech
- Coverage
- Dhaku C.R., Department of Commerce, CHRIST (Deemed to Be University), Central Campus, Bangalore, India; Arumugam S.K., Department of Professional Studies, CHRIST (Deemed to be University), Central Campus, Bangalore, India
- Rights
- Restricted Access
- Relation
- ISSN: 23673370; ISBN: 978-303135509-7
- Format
- Online
- Language
- English
- Type
- Conference paper
Collection
Citation
Dhaku C.R.; Arumugam S.K., “Forecasting Bitcoin Price During Covid-19 Pandemic Using Prophet and ARIMA: An Empirical Research,” CHRIST (Deemed To Be University) Institutional Repository, accessed February 25, 2025, https://archives.christuniversity.in/items/show/19871.