The term 'FRIENDSHIP BRACELET BIT' is a crossword solution that consists of four letters: BEAD. A BEAD is a small, decorative object that is often used to make jewelry or other items of personal adornment. Beads are usually made from materials such as wood, bone, glass, metal, plastic, and semi-precious stones. Beads can be strung together to create necklaces, bracelets, and other types of jewelry. In the case of friendship bracelets, beads are often used to represent the bond between two people.