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 keep changing.

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 finance to crypto, holding the belief that “spot trading doesn’t fear dips, buy more as it falls,” swapping a lot of money for SOL, then tossing a few, 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.

Even now, my wallet still contains those messy names, and their existence feels absurd. Their lifespans aren’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 “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 trading 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 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 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 can survive multiple bull and bear cycles share a certain “aura.”

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, 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 $10 million.

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

While I was excited 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 incentive decay tests? 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 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 outbursts during calm market periods.

“If it 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 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 zeal to eliminate dissent.

Crypto markets are the planet’s most effective “human nature filter.” They don’t select the smartest, but the most resilient; they don’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 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, which is destined to turn most into fuel, recognizing and approaching those who can survive long-term is itself one of the most vital survival skills.