The low to mid-range market might take a major beating this cycle. With the AMD 6000 APUs featuring RDNA2 graphics cores, the budget cards won't look very appealing to most people.
Unless there's a surge in crypto that is doable on GPU, RTX 3000 series cards will also continue to flood the market. It was impossible to buy cards for a long time, but they were still cranking them out and cards were being sold to the highest bidder. Why spend $400-500 on an RTX 4060 when you could get an RTX 3080 for that or less?
It also looks like both AMD and Nvidia will be increasing the power envelopes for both the RTX 4000 and RDNA3 cards, and if history repeats the gen after will be just as bad if not worse. Personally, I'm not running my gaming rig right now due to how hot it is, normal PC usage is on a 15W Mini PC, with gaming primarily on my Steam Deck, and consoles.
I wouldn't be surprised if the 35-45W AMD Mini PCs end up being able to pull off 1080P med/high for most games while running $400-600, which would be around the cost of a mid-range card, but for a full PC.