Every downturn, someone always claims this time is different.

Remember when Bitcoin crashed from four digits to three? The criticism was overwhelming—"It's over, the scam is exposed." Later, from six digits down to five, the same narrative emerged: "It's truly over." Now, from 120,000, as the price drops, similar remarks surface as expected.

History always repeats itself—details vary, but the ending is often the same.

With each sharp decline, it filters people out. Some are so scared they completely exit and never look back. Others quietly build positions amid the lamentations. The former focus on the blood-red in front of them; the latter see the cycle turning.

True value doesn't hide in the frenzy of rising prices. When prices go up, everyone is an expert; making money seems natural. True value lies in calmness during declines—those brave enough to act in the cold winter are the ones who reap in spring.

The market is like an exam paper, with volatility as the pen grading it. It eliminates those who only watch the K-line ups and downs, leaving chips and opportunities for those who understand the rhythm.

Recently, I had tea with an old investor. He smiled faintly and said, "You know, the bull market is actually the time when most people lose money most easily."

At first, this sounds counterintuitive, but once you think about it, it makes sense.

During a bull market, anxiety is amplified. People tend to lose their way in the rising channel—those rushing to chase highs, trying to recover losses, or hoping to get rich overnight—have all stumbled here. The more volatile it gets, the easier it is to lose your composure.

And those who truly understand the cycle? They know winter isn't the end; winter is the season for planting. Don't be led astray by the current ups and downs.

History always repeats the same story: clear-headed people lay out their plans in winter and harvest in spring. Impatient ones party in spring and wail in winter.

In this cycle, true value is just beginning to be recognized.