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Bitcoin and other cryptocurrencies have been taking a beating over the year as a combination of a market correction, shifting sentiment and external factors pushed prices down.

Bitcoin prices rebounded late Friday afternoon, climbing 8.36% to $3,875.99 after taking a hit the day before.

Bitcoin and other cryptocurrencies have been taking a beating over the year as a combination of a market correction, shifting sentiment and external factors pushed prices down.

Other cryptocurrencies were also heading upwards on Friday. Ethereum was up 16.39% to $133.55, while Litecoin was up 14.37% to $31.66. XRP  was up 8.35% to about 36 cents, while Bitcoin Cash was up 9.24% to $166.02.

Former International Monetary Fund economist Mark Dow warned on Twitter Thursday that Bitcoin must climb higher. He said if Bitcoin can't bounce to at least $5,000 to $6,000 soon, "it's a really bad sign for the cyberbulls."

Entrepreneur Charlie Shrem, one of Bitcoin's early boosters, thinks Friday's rally "could be the start of a long-term bull market in both Bitcoin and the crypto space."

"Buying strength makes sense for the first time since September of 2017," he said in an e-mail. "I think Bitcoin is going to be above $4,000 in less than two weeks and there is chart work suggesting $7,500 is possible by Chinese New Year in early February. There have been a lot of analysts and crypto evangelists who have been mocked in the press for big upside targets for Bitcoin. I think they will soon be the ones doing the laughing."