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.
Are wе not in the beаr market yet?
I think we are already in the bear market, and just like in the past, bear market is not something we should panic because it's normal, instead, we have to fill our bags so we will be ready by the next bull run. The market cycle is going to happen, bear market, then bull run, just believe it will happen and you'll be okay.
If we see a price lower than $20k, I'm okay with that as I would remain optimistic that bitcoin will bounce back and create a new ATH again.