A real example: someone who bought Bitcoin at $19,000 in December 2017 and held through the 2018 bear market saw their position reach $60,000+ by 2021—a 3x return over four years. Meanwhile, someone who sold at $10,000 in early 2018 to 'avoid further losses' missed the entire recovery. Time in market rewarded patience; timing the market punished fear. The cycle length matters more than the entry price.