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 are able to survive through bull and bear markets?

In your experiences of navigating these cycles, what are the core traits of those who ultimately “make it”—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 have changed over and over.

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

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

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

Those messy names still linger in my wallet today, and their existence now strikes me as absurd. Their lifespans aren’t measured in days or months, but in minutes or hours.

Only at a certain moment do these projects’ teams stop updating, and the “shared dream” and “building together” in the group quickly turn into accusations and cries of “when will the pump come?”

That was the first time I truly felt that in crypto, “going to zero” isn’t just a rhetorical exaggeration, 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 told me, “This time is really different,” he said mysteriously, “I know someone from the project team, they’re going to list on a major exchange next month, at an internal price, guaranteed profit.”

You guessed it—the money I invested, 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 “inside info.”

3. The “Aura” 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 survive multiple bull and bear cycles exude a certain “aura.”

It’s not luck; it’s 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 throwing SOL around, survivors were calculating fully diluted valuations, examining on-chain holdings, asking “If everyone sold, how much capital would it take to absorb?”

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

Second, they have a sharp ability to distinguish between “consensus” and “narrative,” as if performing surgery.

While I was emotionally moved by stories of “moon,” “stars,” and “oceans,” they observed: Are people really using this protocol, or just hyping it? When incentives stop, how many remain?

They use the “Five Questions for Newbies” 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 fully 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 cool 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’re ingrained into their muscle memory.

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

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

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

Crypto markets are the planet’s most effective “human nature filter.” 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 experiences of surviving bull and bear markets, what is the most core trait you’ve observed in those who “make it”?

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

And if you’ve read this far and thought of someone who embodies these traits, please share this article with them and add a note: “I think you are exactly this kind of person.”

Because in this field, where most become fuel, recognizing and approaching those who can survive long-term is itself a vital survival wisdom.