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Huobi Global (CRYPTO:HT) said the cryptocurrency’s ongoing bearish rally may be over for now, but the market may bottom out in early 2023.
What happened: The 200-week simple moving average (SMA) indicator suggests that the current price of Bitcoin BTC/USD is below the trend. Huobi expects BTC to hit $15,000 around March 2023, which will signal the next bounce in the crypto market.
See more: Best Crypto Day Trading Strategies
According to its annual report, the DeFi ecosystem was severely impacted in 2020, as the total value locked (TVL) on blockchain networks dropped by more than 70% between January and October.
According to DefiLlama data, the TVL of DeFi protocols was estimated at $171 billion in January, plunging to around $55 billion by the end of the month.
On January 1, 2022, the global crypto market had a market capitalization of $2.2 trillion, according to CoinMarketCap. The heat of the bear market has significantly reduced this amount, with a current market capitalization of $859.6 billion at press time.
Price Action: Crypto apex Bitcoin was trading at $17,221.07, up 2.45% in the past 24 hours, according to Benzinga Pro.
Read next: Bitcoin, Ethereum and Dogecoin surge amid risk rally: Analyst says Apex Crypto ‘seems stuck in a seesaw’ around $17,000
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