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 person can truly survive the bull and bear markets?

Among your experiences of navigating through bull and bear 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!”—survivors in 2013 heard this when they bought their first Bitcoin; by the 2021 market peak, this phrase 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 markets to crypto, holding onto the belief that “spot trading doesn’t fear dips, buy more as it falls,” swapping a lot of money for SOL, then tossing several or dozens of SOL into various pools with strange names like sesame seeds.

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

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

At a certain point, when project teams stop updating, the “shared dream” and “building 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 an exaggerated phrase—it’s a physical reality happening in countless wallets every day.

2. The Most Expensive Tuition: The Illusion of “Insider Information” A more ironic lesson came from my most trusted circle. When I started losing faith after a string of bad trades, a close friend reached out to me, saying, “This time is really different,” 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 can guess the ending—I invested my money, but that project never launched, and my “friend” told me he also got 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, gradually seeing that those who can survive cycle after cycle emit 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 tossing SOL, 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 price; 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 to move than one with a $10 million cap.

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

While I was emotionally moved by stories of “moon missions” and “starry seas,” 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 each 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 crucial point. They are fully aware of their emotional weaknesses—fear, greed, FOMO, revenge trading—and predefine action plans for moments of emotional loss of control.

“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 quicksand, 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 to fail. 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; it selects the most resilient. It doesn’t pick the best at making money; it chooses those who understand how not to lose money.

I also want to ask everyone: in your experience 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 in killing or sparing?

And if you’ve read this far and thought of someone who embodies these traits, please share this article with them and add a message: “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.