I think that it is difficult to proclaim what people should do merely based on expectations of BTC price performance, especially if they had been in bitcoin for a longer period of time, then they may well have already set up some practices and/or parameters for selling their BTC, so largely both of us are attempting to respond to a longer-term scenario where kingvirtus09 had presented a somewhat vague scenario in which s/he seemed to be suggesting that a longer term BTC holder might have had sold many or most of his/her BTC during various past BTC price upswings, and I was merely off-setting such proclamation in a way to suggest that there could be scenarios that a longer term BTC holder might just be selling BTC at any price and at various points of BTC price appreciation with ONLY small attention to the extent to whether we might be in a bull market or a bear market, but at the same time, personally, I am with the idea of selling on the way up rather than either selling on the way down or even overly selling BTC with expectations of abilities to be able to buy back.
It is natural that not all investors will hold their investments up front but it is also true that not all investors will sell their investments up front. The market is in a good condition now and in such a condition some investors will sell their investments because they have noticed bad market conditions in the past and they may not be brave enough to hold on to their investments. You can be sure that those who are not brave enough to hold on to their investments now and those who sell their investments now will regret selling their investments at some point. I have a lot of faith in the Bitcoin market and that faith gives me so much courage.
To be honest, if the Bitcoin market goes down a lot now, I won't think for a second why I didn't sell my investment because I'm used to it. Since I have developed a confidence in holding my investment deeply and since I am not very excited about market changes, I am sure and confident in myself that I can hold 100% of the investment even in the current market conditions.
The Bitcoin market moved around $38K today but from there the market has rebounded to around $36.5K. The market has changed so much in such a short period of time that many may have started thinking that they should have sold their investments at that time. People with such ideas will be more worry free when selling their investments. I think people who overthink their investments should sell their investments because overthinking is harmful to one's health. I will sell my investments at market highs and wait as long as I have to.