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 survive through bull and bear markets?

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

After reading picklecat’s article, I finally have a clear answer to this long-held question.

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 keep changing.

Thinking back to my first meme coin trade, I had the same 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 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 seems absurd. Their lifecycle isn’t measured in days or months, but in minutes or hours.

At a certain point, the project team stops updating, and the group’s “shared dream” of “building together” quickly turns 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 dramatic phrase but 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 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 a big exchange next month, at internal prices, guaranteed profit.”

You can guess the ending—I invested, 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 illusions about “insider 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 survive multiple bull and bear cycles share a certain “aura.”

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

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

While I was recklessly throwing SOL around, survivors were calculating fully diluted valuations, analyzing 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 than one with a $10 million cap.

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

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

They use picklecat’s “Five Questions for the Chives” 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 someone 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 reputation, not just “I told you in private.”

Fourth, they have a self-criticism system.

This is the core. 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.” “Any buy decision must cool down for 24 hours before executing.” “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 in their muscle memory.

Their beliefs are built on shifting sands but also 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 suppression of 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 experience of surviving bull and bear markets, what is the most core trait of 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 like this.”

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