The biggest change in the market recently isn’t that bitcoin:native is up, but that a lot of people have started believing in themselves again. When prices drop, everyone is cautious, holding light positions, afraid to chase, afraid to trust. But as soon as the market rises for a few days in a row, people start increasing their positions, going all-in, and feeling like they’ve figured out the market. This is precisely the most dangerous moment in the cycle. Because the market’s favorite thing to do is to teach you a lesson when you’re feeling the most confident. After going through several bull and bear cycles, I’ve realized: Most people don’t lose to the market; they lose to their emotions. Fear when prices drop, excitement when they rise, unwilling to sell during pullbacks, and unable to resist chasing during rebounds. In the end, they don’t make money from the trend but get repeatedly harvested by their emotions. So those who can truly survive bull and bear markets aren’t necessarily the ones with the most accurate predictions, but the ones who know how to exercise restraint. Stay clear-headed when others are going crazy. Hold onto hope when others are in despair. Because the biggest risk in trading has never been the downturns—it’s losing your sense of respect during the upturns. The market is never short on opportunities; what’s truly scarce is being alive and ready when those opportunities come.