Unless you believe crypto is over and going to zero, or you are wealthy and have bought all the crypto you will ever need, a bear market would be a good thing
If you got into crypto any time after January of 2021, you're probably in the red now, or barely in any profit. And this probably came at you right after seeing your portfolio at five times its initial value or higher, making the loss sting quite a bit.
I don't know what's going to happen. Maybe the 64k bitcoin price was the bull market top and we're entering a long bear market cycle. Maybe the 64k price was just an intermediate top and we're in the middle of a short-term correction before the crypto market moons. Maybe something completely different than either of those happens.
A lot of people feel regret. They wish they'd sold when the market hit the 64k bitcoin top, and maybe re-bought when the market dipped down to a 30k bitcoin. But the thing is, hardly anybody was actually planning to sell at 64k. Some were holding out for 100k, some were just planning to eternally hold their crypto for the next 10 years or longer regardless of what happens. Hardly anybody really missed their chance to take profit, because hardly anybody was actually going to sell.
Unless you believe that crypto is over and done with, going to zero, and never coming back, the play to make is to hold all of that crypto you might have "missed" the opportunity to sell at the 64k top, and to buy more crypto while the market is down, whether this is a real full-on bear market or whether this is some shorter term correction.
Because really, we don't want the market to moon. Not yet. Not unless you're already sitting on top of a mountain of crypto you've bought. Yes, it's psychologically fun to look at big numbers on the computer screen and feel like we're making money, but unless you currently own enough crypto to sell at the next price pump and never work again, wishing for a million dollar bitcoin right now is pointless. You can't retire by selling 0.01 BTC when the bitcoin price hits a million. That doesn't even buy you a new Civic.
If Bitcoin hits a million dollars before you have lots and lots of crypto, you will have missed the boat. Again.
Unless you think that crypto is completely over and going to zero, a down market should be exciting. This is the chance you either didn't have or didn't take during the last bear market to accumulate a lot of crypto that you could have sold off for massive amounts of never-work-again money when bitcoin spiked to anything over 20k this time around. This is the time where, while it's not an exciting sure thing to DCA your little bit of money into crypto each week or month because things aren't mooning, you're actually getting more crypto for your money so that when things moon later, you're much, much richer.
If you believe crypto is not completely over and going to zero, the prospect of a 20k bitcoin again should make you excited, not sick. You should find yourself hoping it goes down farther. Because this your chance to spend the next however long the market is going to give us accumulating crypto, so that when things moon, you'll have a lot more of it to sell.
Maybe we won't have very long this time because it's a temporary downturn and not a long bear market. Maybe you can't retire at the next price spike and have to wait for the bull market cycle after that one. That's fine. Unless you believe crypto is over and going to zero, if you just keep your day job and keep accumulating until you're sitting on a mountain of crypto, then when the market moons the next time, you can sell it all for a whole lot of never-work-again money.