After several months of the general crypto price being in a slump, the community has reason to celebrate. Bitcoin’s per-token price has finally crossed the $42,000 mark, which is a new record for 2023. This comes as the price has been climbing for the last few weeks and has been bolstered by several factors.

There is the incoming Bitcoin halving, which has brought a new wave of excitement into the industry. There is also the decision by the Feds to freeze interest rates and the possibility of a Bitcoin ETF finally being approved by the SEC in the United States.

But with this price spike, what can we expect for the future? First, it means that more resistance points are in view. When the Bitcoin price began climbing, industry watchers were hopeful that it would cross $20,000, $30,000, $40,000, and so on. Now that we are above $42,000, the next resistance points are $43,000, $45,000, $50,000, and beyond.

The long-term hope is that Bitcoin can meet and even surpass its previous all-time high of around $63,000, with some speculating that it can reach $100,000 by next year. A lot of these potential price movements will inevitably be driven by those who buy into Bitcoin in the hopes of profiting off the token as it continues to rise.

This price milestone means, ultimately, that future price points are within reach and likely to become a reality in the next few months. And this will trickle down to the rest of the industry. When we were in the middle of the crypto winter, we saw many companies closing down shop, firing workers, and rolling back projects.

This bull run that Bitcoin seems to be headed towards will have the opposite effect in that more companies will likely spring up and hire, and there will be an air of optimism within the industry.

Then we have to consider the effect that this will have on those who use Bitcoin. Those who have been HOLDing will soon have a chance to sell and reap the rewards of their patience and we can expect new people to enter the industry as news of the bull run spreads. And the benefits of the Bitcoin price aren’t limited only to those who trade it as an asset.

Many people use Bitcoin to pay for things like rent and groceries and having the Bitcoin price become higher means that whatever tokens they do hold have higher spending power. Those who use Bitcoin for fiat purchases can now buy more than they could before, which is a benefit. It is also a benefit for those who gamble with Bitcoin. Crypto gambling has been on the rise for years , with over 100 sites reviewed by experts – and many more that didn’t make the cut. We can expect an uptick in people gambling with Bitcoin because should they win, they get tokens that are worth more than they were before.

Overall, the use of crypto for everyday activities will be much more beneficial thanks to this price movement. And while most of our focus is on Bitcoin, other tokens will benefit as well. It has been established that the fortunes of Bitcoin correlate with those of altcoins, especially the top ones like Ethereum. Moving forward, we can expect that major altcoins will see their values increase as well.

Their own communities will find themselves making a profit for tokens they HODLed and being able to benefit from spending their tokens just like with Bitcoin.

Another way that this price movement will change the industry is through the impact it will have on its image and relationship with regulators. Many people outside the crypto industry are sceptical about it and every time there is a bear run, their fears are seemingly confirmed. But as Bitcoin recovers over and over again no matter how bad the winters get, investors could be inspired to have more faith it in. The growth of the industry, especially if it reaches $100,000 and secures more public support, could put more pressure on regulators to pass better laws regarding the industry.

Bitcoin reaching $42,000 seems like a just reward after industry stakeholders have waited on bated breath for months and held steady even as things seemed dire. With this new price point, it seems like the only way is up for Bitcoin and the crypto industry at large. This possible progression only means that more profit will be made for investors, crypto users will reap more benefits, and there will be more optimism surrounding the industry. As 2024 rolls around, we can only wait and see how these events unravel.

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