I agree, it does depend on how we approach it. Also, it also depends on one's personal capabilities and knowledge. There are always profits to be gained in every phase of the market(bearish/bullish). That is, if you know what you are doing. Now, talking about new projects, most of the developers that really know what they are doing will not launch or postpone as much as they can when the market is bearish. Which is why it is pretty hard to find good projects in a bearish market. And if you manage to find one, it is either you are lucky enough or you have put extensive amounts of effort in searching for gems in a bearish cycle. Which I personally think isn't worth it. So what I often do at bearish seasons is keep the number of assets I hold to a minimum and just slowly accumulate or DCA. not just because it proves to he quite rewarding but mainly because it saves me a lot of trouble and gives less stress.