It's like genetics:

                           Have bitcoin.             Don't have bitcoin
                    |-----------------------------------|-----------------------------------
Bullish.       |      Hold (patience)     |    Buy (panic)
              ------|-----------------------------------|-------------------------------------
Bearish.      |     Sell (panic)             |     Wait (patience)


Of course, to try to keep it simple, this disregards more exotic options using leverage.

If you never took high school biology, I'm afraid I may have confused you further.