The crypto cycles are the Bear and Bull and both are very important for different reasons. Everyone likes the Bull obviously but the Bear is where fortunes are made.
“People get rich during bear season, it's just they don't see it until bull season.” -
@80strolls
Quote thanks to 
I honestly believe if you have experienced both and are on your second cycle then lessons would have been learned first time around. I am still on my first having joined crypto once the Bear market had already started. Not understanding how it all works and now seeing things so clearly I actually cannot wait to see the Bull play out and then back to the Bear market.
Being on Hive it was a massive learning curve watching the price action being so violent in the beginning when the price dropped from when I joined at just over $4 down to 10c. No wonder many were a bit offish as I can only imagine what that must feel like knowing what you had and watching it shrink in value. Only recently did I get involved with other alt coins and it will be interesting to see how the likes of DeFi are affected when the price drops. Will people sell increasing the pools APR or will they sell everything and invest into the pools reducing the APR. This is all new and the only part of the market many will be having questions over.
A bit like a magic trick of now you see it and now you don't as it did drop rather quickly once the downtrend kicked in. Those that experienced the Bear and the Bull last time out are sitting or should be sitting pretty with the knowledge earned over that time in the memory banks. Surely this time around those lessons will change lives for the good financially. One would hope that is the case as there are no excuses this time making the same mistakes.
I have mentioned this before that one complete cycle experienced should change the thought process giving you enough knowledge to profit form the next cycle. It is this time that one wishes they had experienced this by being involved earlier on as these lessons money can't buy. We heard the horror stories but if you weren't part of it then you don't really understand.
Having completed a 4 year Bear the Bull is the final piece of the jigsaw puzzle and due to having listened to others will be taking profits. The next cycle however long it is as it doesn't quite comprehend how it can just be every 4 years as this time frame surely has to change as the market changes.
I suppose having experienced it the first time around you know exactly what to expect and can strategize and overcome things far easier. If you are on your second cycle and not in a position to change your life financially then you are maybe doing something seriously wrong. If that is the case I hope this time around you are at least better off than you were 4 years ago.
I saw a tweet awhile ago about someone going from $50 000 all the way up to $1.2 million riding it back to $15 000 which is brutal. That is a harsh lesson for anyone to learn but one that you will never forget.
Bitcoin liquidity on the exchanges is not what it was even 2 years ago and that must have an effect. Bitcoin is nearly 12 years old and is 4 years older which also has to be bought into these equations. Volatility is still around and the real profits are going to be in the alt coins as they can still do 100 x from here.
The cycles are like life lessons which we all know can repeat themselves frequently. How you deal with them by paying attention is going to reflect in how successful you are. Some people will never learn though which is sad as all the information is right here in front of you.