With crypto poised for its next bull cycle as early as 2024, traders who weathered past booms have wisdom to share on navigating the mania. Their insights highlight strategies for newcomers entering their first crypto bull run.

Millions discovered cryptocurrencies in 2021. Now their first taste of a bull market may lie ahead. Those experienced with past frenzies describe it as a "tornado" or "utter chaos." But certain principles can help traders new and old ride the wave judiciously.

Brace for Turbulence

Ben Simpson, founder of Collective Shift, cautions that a crypto bull run is "unlike anything else you've ever experienced." Euphoria grips markets, prices detach from fundamentals, and fortunes are made and lost overnight.

Yet crypto veterans say even in the madness, maintaining a plan helps traders stay disciplined. Setting goals, taking profits, and managing risk are essential to prosper in the tempest.

Don't Get Swept Away

A key pitfall is getting caught up in the mania and abandoning exit plans. Simpson admits in 2017 he simply "rode it up and rode it all the way down," failing to take profits.

Implementing structured sell points for holdings curbs greed. The music stops abruptly in bull markets - seasoned traders warn not to be left holding empty bags.

Dollar-cost averaging - periodic buying and selling - also smoothes out volatility swings. Patience and discipline will be tested, but ultimately rewarded.

Focus on Fundamentals

When euphoria peaks, hype draws speculation into empty speculative bets - especially "memecoins" with no utility. But experienced traders emphasize fundamentals.

CK Zheng of ZX Squared Capital recommends sticking with established cryptocurrencies like Bitcoin and Ether. BTC exhibits portfolio diversification benefits and behaves like other alternative assets, research shows.

Balancing speculative and mature crypto assets also helps manage risk. Use cases and tokenomics should be weighed before investing.

Find the Narrative

New themes emerge each bull run - additional upside often comes from new sectors like layer 2's or metaverse tokens. Markus Thielen advises identifying the prevailing narrative.

But high-conviction picks provide stability when speculation mounts. Spreading bets across multiple assets proves challenging to track when mania takes hold.

Exercise Caution

Veterans also warn against excess leverage, or investing more than one can afford to lose. Mania makes it tempting to go all in, but caution helps traders endure gut-wrenching volatility.

Mental health maintenance is also key - escapes from constant chart-watching let traders recharge. Bull markets test even seasoned veterans.

Conclusion: Prepare Now

Cryptocurrency bull runs challenge investors like little else. But traders who have weathered the madness provide wisdom for navigating the pandemonium.

Staying disciplined, taking profits, focusing on fundamentals, and managing risk allows traders to reach their goals. Bitcoin and blue-chip crypto assets tend to reward those with strategies.

With a new bull market potentially on the horizon, it pays to implement plans now. The principles shared by veterans can help traders new and old prosper in the next frenzy.

How can Bitcoin provide ballast when crypto bull markets turn chaotic?

Amid the mania of crypto bull runs, Bitcoin's stability and institutional adoption provides vital ballast to balanced portfolios. With proven safe haven properties uncorrelated to traditional assets, BTC helps mitigate against risks from speculative excess during frenzied peaks.

What lessons can newcomers learn to successfully trade crypto bull markets?

Veterans emphasize having a plan, taking profits, focusing on quality assets, managing risk, and tuning out hype as key lessons for newcomers. Discipline and caution will be tested but following core principles allows traders to reach their goals through dizzying bull runs. Bitcoin provides solid footing amid the frenzy.