Why do the profits made in a bull market often get doubled back in a bear market? After spending years in crypto, I’ve noticed a harsh reality: many people aren’t inexperienced—they’ve made money, but then mistakenly believe they’ve mastered the market. In a bull market, BTC rises, altcoins rotate, and simply buying a few coins can turn a profit. When prices surge and holdings grow, traders convince themselves they’ve understood the narratives, sensed the capital flows, and cracked the cycle. They increase their positions, ramp up leverage, and even reinvest all prior profits into the next gamble. I used to do this too. The most common mistake? Mistaking market luck for skill. When you profit in a bull market, you start seeing pullbacks as opportunities—unafraid of drops because your profits act as a cushion. Then, when the market truly turns bearish—liquidity dries up, altcoins keep sliding—you realize those earlier gains weren’t a shield; they were merely an excuse to take on greater risk. Even more ironic: when your account shifts from profit to loss, people often refuse to accept reality. Because what’s lost isn’t just money—it’s confidence in your own judgment. So you chase losses, hoping to break even, and end up losing your principal too. After going through several cycles, I’ve grown increasingly convinced: the true dividing line in trading isn’t how much you made in the bull market—it’s whether you can still recognize, during the peak of the rally, how much of your profit came from luck. Remember: the bull market determines how much you can earn; risk management determines how much you ultimately keep. Don’t treat profits handed to you by the cycle as proof that you’re always right.