The financial market often presents trends that contradict common logic, and this counterintuitive characteristic often confuses investors. Let's review the fluctuations of the Bitcoin market in 2023 to explore the mysteries of investment psychology.

At the beginning of the year, when the price of Bitcoin was at $16,000, some investors thought it was a good opportunity to buy the dip. However, when the price fell to $13,000, market sentiment took a sharp turn, and pessimists began to predict a bottom of $10,000. When the price actually hit $10,000, more pessimistic expectations emerged, with some even calling for a target price of $8,000. This series of events clearly demonstrates how market fear and anxiety dominate investment decisions.

The two significant pullbacks in the first half of 2023 highlight the issue more clearly. The drop from $25,000 to $19,000 and the retreat from $31,000 back to $25,000 each triggered widespread panic. Many investors hastily exited the market in this atmosphere, ultimately missing out on subsequent opportunities for gains.

The commonality between these two types of investors is that they are both caught in the whirlpool of others' emotions. Lacking independent judgment, they are easily influenced by market noise, and ultimately becoming what is known as 'chives' seems to be an inevitable result.

There is a viewpoint that cyclical trading only requires "hold to win", but this statement oversimplifies the complexity of the issue. Only investors who truly participate in the market can appreciate the hardships involved: first, one must gain insight into macro trends and firmly believe in cyclical patterns, while also overcoming the greed and fear inherent in human nature, maintaining a stable mindset, not following the crowd, and being patient in waiting for market opportunities to arise. Missing any one link could lead to failure in cyclical trading.

Successful investing requires not only expertise but also strong psychological quality. Staying calm in a turbulent market and maintaining rationality amidst heightened emotions are essential qualities for successful investors. Through continuous learning and practice, investors can gradually enhance their judgment skills and ultimately find their own path to profitability within market cycles.