The financial market is always contrary to human nature. At the beginning of 2023, when the price of Bitcoin was at $16,000, some investors thought it was a good time to buy the dip. However, when the price fell to $13,000, market sentiment quickly turned pessimistic, and some began to predict a bottom at $10,000. When the price actually hit $10,000, others lowered their expectations to $8,000. This sentiment-driven behavior permeates the entire market.

The two significant pullbacks in the first half of 2023 illustrate the issue more clearly. Bitcoin fell from $25,000 to $19,000, and then pulled back from $31,000 to $25,000. Each pullback triggered widespread panic, with many investors predicting a crash or even a halving, ultimately choosing to cut their losses in anxiety and missing out on subsequent upward opportunities.

The common point of these two types of investors is that they are both bound by the emotions of others, lacking independent thinking ability, and are easily influenced by market noise. This way of thinking inevitably leads them to become "chives" in the market.

There is a viewpoint that in cyclical trading, "holding will win," but this statement is overly simplistic. Only those who truly participate in the market can understand the challenges involved: first, one must gain insight into macro trends and firmly believe in cyclical laws, while also overcoming the greed and fear inherent in human nature, maintaining a stable mindset, not being swept along by the tide, and patiently waiting for opportunities. Lacking any one of these elements makes it difficult to achieve sustained profits in market cycles.

Successful investors need to cultivate the ability to think independently, learn to stay calm amid market noise, and make decisions based on their own analysis. At the same time, understanding market cycles, risk management, and emotional control is also crucial. Only by comprehensively applying these strategies can investors find opportunities in the volatile cryptocurrency market and avoid becoming slaves to their emotions.