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Bitcoin prices have slipped for now, but data suggests a long-term rally is ahead

Bitcoin has been closely correlated with stock indexes, in particular the Nasdaq, which rose on Wednesday after the U.S. Federal Reserve hiked interest rates by 0.75 percentage point. That's one reason why bitcoin rose slightly on Thursday.
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Bitcoin pulled back this week after surpassing $50,000 last weekend for the first time in about three months, but strategists say the cryptocurrency's price still has room to run.

The largest cryptocurrency by market cap fell as low as about $46,000 Thursday after spending most of the week hovering in the $47,000 range. It bounced slightly Friday and last traded at $48,253.96, according to Coin Metrics.