The hardest time to invest is in a bear market. You end up purchasing little amount of tokens for more ETH or BTC. But it's also a good time for projects to collect good sums of money during their crowdfunding, as ETH or BTC goes up, so does the value of the funds raised.
The question now is, will you invest in ICOs, or stick with investing in market dips (buy low, hodl and wait to go up and sell), or simply trade in bear markets?
I'm not sure I agree - I think a bear market means that ICOs have a hard time. They have much more success when the market is bullish, like the ICO craziness we saw in 2017 with a lot of projects hitting hardcap within minutes of opening the ICO. I think they find it tougher going to raise funds when the markets are falling.
Because investors interest is also lacking, inside the bear season investors are making some selective investment, they will not be pushed by the hyped as they knew that the market is not good, avoiding being stuck and not be able to get back their investment, probably they will choose to trade with known alts than investing inside ICO's, though we do have different opinions about how traders will be stand in this type of seasons.