Bull vs Bear Market: What Do They Actually Mean?

You hear it on the news every day: “The Bulls are in control” or “We are entering a Bear market.” It sounds like a zoo, but it’s actually a strict mathematical definition. Here is how to tell which animal is ruling your portfolio right now.

BMT Investment Research Team BMT Investment Research Team · 📅 Jan 2026 · ⏱️ 4 min read · INVESTING › BASICS
Bull 🐂
+20%
Prices RisingGood
Bear 🐻
-20%
Prices FallingBad
History
Bulls Win
Lasts LongerFact

The 20% Threshold

Wall Street doesn’t just guess. They use specific numbers to decide if we are in a Bull or Bear market.

Term Movement Mood
Correction -10% to -19% Nervous
Bear Market -20% or more Panic (Fear)
Bull Market +20% from Low Greed (FOMO)
Why these animals?
It comes from how they fight.
A Bull thrusts its horns up into the air. (Market goes UP).
A Bear stands up and swipes its claws down. (Market goes DOWN).
Duration (Avg)
Bull Market ~2.7 Years
Slow and steady climb.
Bear Market ~9 Months
Fast and violent drop.
StrategyAction
BullRide the wave
BearBuy the dip

The Cycle of Emotions

The market is driven by human emotion. Knowing where we are in the cycle helps you avoid doing something stupid (like selling at the bottom).

1. Optimism (The Bull)

“I’m a genius!” Everyone is making money. Your Uber driver is giving you stock tips. This is usually the top of the market.

2. Denial (The Correction)

“It’s just a small dip.” The market drops 10%. People think it will bounce back tomorrow. It doesn’t.

3. Panic (The Bear)

“The world is ending!” The market drops 20%+. News anchors talk about recession. People sell everything to “save what’s left.”
Note: This is actually the best time to buy.

Pro Tip: “Winter is Coming”

Bear markets are not a bug; they are a feature. They happen every 3-7 years.

Change Your Mindset

Do not look at a Bear Market as a “Crisis.” Look at it as a “Storewide Sale.”
If your favorite shoes were 20% off, you would buy two pairs. When Apple stock is 20% off, why do you want to sell it?
Smart investors build wealth in Bear markets and collect it in Bull markets.

Frequently Asked Questions

How long do Bear markets last?
On average, they are short (about 289 days). Bull markets typically last much longer (991 days). History favors the optimists.
Is a Recession the same thing?
Not exactly. A “Bear Market” is about stock prices. A “Recession” is about the real economy (GDP, jobs). They often happen together, but not always.