I reckon it might look very similar to the bear markets of the past where much of the other attempts of the old layer 1 blockchain projects have failed to help the growth of their ecosystems. Fantom, Atom, Avax, Terra, Algorand, Cardano might slowly enter obscurity similar to Nxt and Nem.
There will also be many failures of tokens issued in those layer 1 blockchain projects. The development teams of those projects might dump and leave the project or just leave and let the projects die. I also speculate that it might also be a similar occurrence in the NFT ecosystem. Teams will run out of money and leave.
Much of the gamefi ecosystem will also die with only a very few of those projects to survive. We are presently already witnessing this.
The projects that were created during the bull market will have their first token unlocks this year and next year which will cause more selling and dumping on their communities.
Also, the regulators will be coming and this will cause more fear and pressure within the cryptospace.
2022 was not good for all crypto market. many top projects especially layer1 projects are down much from ATH and with every dip the price down hard. Every month some bad news come in market which cause market down. Now fear rate is below 20 which is extreme fear. Although charts show that May is not bad for Bitcoin but still altcoin are suffering for months and will continue to down more of Bitcoin not stable for month