What kind of people can truly navigate through bull and bear markets?
Only those with strong resilience, deep understanding, and strategic patience can successfully traverse the ups and downs of the financial world.
They are capable of maintaining their composure during market volatility, making informed decisions, and seizing opportunities when others hesitate.
Such individuals often possess a long-term vision, disciplined investment habits, and the ability to learn from both successes and failures.
In essence, only the most adaptable and knowledgeable investors can cross the challenging terrains of market fluctuations.

What kind of people can truly navigate through bull and bear markets?

In your experiences of crossing bull and bear cycles, what are the core traits of those who ultimately “survive”—the true survivors?

After reading picklecat’s article, the long-held question in my heart finally has a clear answer.

1. The Eternal Illusion Called “This Time Is Different” “This time is different!”—Back in 2013, survivors buying their first Bitcoin heard this phrase; by the 2021 market peak, it echoed again in their ears; even now, it still whispers like a ghost, as if an old friend has returned. The difference is, the people saying it change over time.

Thinking back to my first meme trade, I was also caught up in this thought—“This time is different!”

At that time, I had just shifted from traditional markets to Crypto, holding onto the belief that “spot trading doesn’t fear dips, buy more as it falls,” converting a lot of money into SOL, then tossing several, dozens of SOL into various pools with strange names like sesame seeds.

Back then, I only thought, “This coin is only 0.00001 USD, if it rises to 0.0001, that’s ten times,” simple arithmetic replacing complex thinking.

Even now, my wallet still contains those messy names, and their existence seems absurd. Their lifecycle isn’t measured in days or months, but in minutes or hours.

Only at a certain point do these projects’ teams stop updating, and the “shared dream” and “build together” in the group quickly turn into accusations and cries of “when will the pump happen.”

That was the first time I truly felt that in Crypto, “going to zero” isn’t just exaggerated rhetoric, but a physical reality happening daily in countless wallets.

2. The Most Expensive Tuition: The Illusion of “Insider Information” A more ironic lesson came from my most trusted circle. When I started losing money on meme coins and doubted everything, a close friend reached out to me, saying, “This time is really different,” he said mysteriously, “I know people from the project, they’re going to list on the big exchanges next month, at internal prices, guaranteed profit.”

You can probably guess the ending—I invested my money, but that project never launched, and my “friend” told me he was also scammed. That money became the most expensive lesson in my crypto career (so far)—it completely shattered my last illusion about “insider info.”

3. The “Temperament” of Survivors: Clarity After Pain Over the years, I’ve excavated my own mistakes and those of friends who disappeared, and gradually I’ve seen that those who can survive cycle after cycle emit a certain “temperament.”

It’s not luck, but a complex human trait mixed with pain and clarity.

First, they have an instinctive reverence for numbers and a clear sense of scale.

While I was recklessly tossing SOL, survivors were calculating fully diluted valuations, checking on-chain holdings, asking “If everyone sold, how much capital would it take to absorb?”

They don’t just look at price; they look at market cap. They don’t just look at gains; they consider liquidity depth. They know that a coin with a $100 million market cap that rises tenfold is harder than one with a $10 million cap that does the same.

Second, they have a sharp ability to distinguish between “consensus” and “narrative,” as if on an operating table.

While I was moved and excited by narratives like “moon,” “stars and the sea,” they were observing: Are people really using this protocol, or just hyping it? When incentives stop, how many remain?

They use the “5 questions for rookies” from @0xPickleCati to scrutinize every hot project: Are there outsiders? Can it pass the incentive decay test? Has it become a daily habit? Are users willing to tolerate temporary shortcomings for its advantages? Is anyone willing to power it with love?

Third, their understanding of “trust” is as cold as ice.

After my “friend” scam, I realized that in crypto, trust must be based on verifiable on-chain actions and a long-term consistent reputation, not on private “I only tell you.”

Fourth, they have a self-criticism system.

This is the most core point. They are deeply aware of their emotional weaknesses—fear, greed, FOMO, revenge trading—and pre-define action plans for moments of emotional outbursts during calm market conditions.

“If the price drops 30%, I reduce my position by 25%, not add more.” “All buy decisions must be cooled down for 24 hours before execution.” “If a single loss exceeds 2% of total funds, stop all trading for the day.”

These rules aren’t just written on paper; they are ingrained into their trading instincts and muscle memory.

Their beliefs are built on shifting sands, yet as solid as a rock.

It sounds contradictory, but it’s the key. Their “faith” in a token or protocol is based on a sober awareness of its potential to fail. They embrace uncertainty, so their persistence isn’t blind loyalty but an adult mindset of “I’m willing to bet on this possibility and bear all consequences.”

Their faith can calmly state opposing views, rather than fanatical zeal to eliminate dissent.

The crypto market is the most effective “human nature filter” on this planet. It doesn’t select the smartest, but the most resilient; it doesn’t select the best at making money, but those who understand how not to lose money.

I also want to ask everyone: in your crossing of bull and bear markets, what is the most core trait you’ve observed in those who “survive”?

Is it extreme calmness? Risk aversion? A learning machine? Endurance in solitude? Or decisiveness in killing and cutting?

Meanwhile, if you’ve read this far and a face of a friend who embodies these traits comes to mind, please share this article with them and add a note: “I think you are exactly this kind of person.”

Because in this field destined to turn most into fuel, recognizing and approaching those who can survive long-term is itself one of the most important survival wisdoms.