There is a pattern that repeats in every cycle. Even during bull markets, there are always phases where price corrections feel severe and market sentiment completely breaks down. At first, because it’s a stage of doubt, people genuinely feel fear. But once this experience repeats over multiple cycles, these phases start to feel like “opportunities” instead. As a result, they stop being true fear-driven zones. The rally people expected above 100k never came, and responses failed. At that point, some analysts or traders chose to act decisively,even if it meant taking criticism in the short term,and spoke openly about their decisions. Others, however, fell back on the expectation that “it will repeat again, because it always has in bull markets.” They made no real response, and instead relied on the idea that the same bullish patterns would appear again. But in doing so, they had no plan for the opposite outcome. Once that happens, the conclusion is already set. There is no alternative scenario. Price must go up. Because there is no response in place if it doesn’t. And for now, this approach still works. Because these kinds of messages continue to provide hope and comfort. So the real question is simple. Are there more people who managed risk properly, or more people who didn’t? The answer is obvious. That’s why this approach works, and why labeling bearish views as “betrayal” allows responsibility to be pushed elsewhere. But beneath the surface,there is deep anxiety. A constant fear of “what if it goes the other way,” and an underlying desire to avoid responsibility. If the market eventually rises again, this approach may survive, even if it’s irresponsible. But if it doesn’t, then a line has already been crossed that cannot be undone. What should have been handled with some criticism earlier has now been dragged this far. And if price falls again from here, the situation becomes extremely difficult to control. At that point, things start to break. And when they do, even those who once found comfort will begin to turn their blame toward the same voices they relied on. I don’t believe we’ve reached that stage yet. Holding through downturns and long-term investing are not easy. The fact that these ideas are being talked about so lightly suggests that real fear hasn’t arrived yet. This post may not be popular, but when I look at the overall market structure and sentiment, this is how I see it. People who truly practice long-term and value investing properly are those who said the same things from the very start of the bull market. “They knew corrections would come, and said they would buy even through major drawdowns.” Those are the ones who are genuine.(mignolet)