I've had it in both mood states. I get auditory hallucinations and paranoia in mania; but the last time I had psychosis in a depressive phase, I saw black and grey cats running under the linen cart in the ER. That earned me a "promotion" to bipolar 1 (from NOS) and dispelled my doubts about ever having experienced psychosis. I didn't want to believe it. But when I look back over my life and see all the times when I was paranoid and/or delusional ("I'm on a mission from God"), there's no denying it.