Huobi Global (CRYPTO:HT) said that the cryptocurrency’s ongoing bearish rally may be over for now, but the market could bottom in early 2023.

What happened: The 200-week SMA (Simple Moving Average) indicator suggests that the current price of Bitcoin BTC/USD is below trend. Huobi expects BTC to hit $15,000 in March 2023, which will signal the next crypto market rally.

See more: Best Crypto Day Trading Strategies

According to its annual report, the DeFi ecosystem was hit hard in 2020 as Total Value (TVL) was locked Blockchain Networks fell by over 70% between January and October.

According to DefiLlama data, the TVL of DeFi protocols was estimated at $171 billion in January, falling to around $55 billion by the end of the month.

As of January 1, 2022, the global crypto market had a market cap of $2.2 trillion, according to CoinMarketCap. The heat of the bear market has reduced that amount significantly, with the current market cap at press time being $859.6 billion.

price action: The Apex Crypto Bitcoin traded at $17,221.07, up 2.45% in the last 24 hours, according to Benzinga Pro.

Continue reading: Bitcoin, Ethereum, Dogecoin surge amid risk rally: Analyst Says Apex Crypto “appears to be stuck in a seesaw” around $17,000