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 these 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; at the peak of the 2021 bull market, it echoed in their ears again; 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 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,” swapping a lot of money for SOL, then tossing 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 math replacing complex thinking.

I still have remnants of those chaotic names in my wallet. Now, their existence seems absurd. Their lifecycle isn’t measured in days or months, but in minutes or hours.

At a certain point, when the project team stops updating, 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 exaggerated rhetoric—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 money trading meme coins and began questioning everything, a close friend told me, “This time is really different,” he said mysteriously, “I know the project team, they’re going to list on a major exchange next month, at the internal price, guaranteed profit.”

You can guess the ending—I invested my money, but that project never launched. My “friend” also told me he got 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 “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; it’s a complex personality 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, 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” and “narratives,” as if performing surgery.

While I was emotionally moved by stories like “moon missions” or “stars and oceans,” 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 Newbies” to scrutinize each hot project: Are there outsiders? Can it pass incentive decay tests? 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 most crucial point. They are fully aware of their emotional weaknesses—fear, greed, FOMO, revenge trading—and predefine action plans for moments when emotions might spiral out of control.

“If the price drops 30%, I reduce my position by 25%, not buy more.” “All buy decisions must cool down for 24 hours before executing.” “If a single loss exceeds 2% of total funds, stop 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 but also as solid as bedrock.

It sounds contradictory, but it’s 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 it.

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 a vital survival wisdom.