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 found a clear answer to this long-held question.

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 bull 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 change over time.

Thinking back to my first meme trade, I had the same thought—“This time is different!”

Back then, 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.

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

Even now, my wallet still contains those messy names. Their existence now seems absurd. Their life cycle isn’t measured in days or months, but in minutes or hours.

At a certain point, when project teams stop 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 Lesson: The Illusion of “Insider Information” A more ironic lesson came from my most trusted circle. When I started losing faith after a bad trade, 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 an 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, but 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 tossing SOL, survivors were calculating fully diluted valuations, checking 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 excited 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 picklecat’s “Five Questions for the Chives” 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 short-term 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 just “I told you in private.”

Fourth, they have a system of “anti-self” behaviors.

This is the most crucial point. They are fully aware of their emotional weaknesses—fear, greed, FOMO, revenge trading—and pre-define action plans for moments of emotional outbursts.

“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 into their muscle memory.

Their beliefs are built on shifting sands, yet 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 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 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.