Well I think this is when we need to make some important decisions for ourself. The price of Bitcoin is up 150% just in this year so there is profits to take from that.
So if we are thinking about taking some profits it is a good time to sell some. I think there is going to be a correction when ETF approval does happen.
And then also for the Bitcoin halving next year. I am 'bullish' and will not be selling any of my Bitcoin. But I do think there is many investors who will. It is a hard thing to not take 'free money'.
Many hodlers has taken profits from their BTC investment when the price hit above $40k few weeks ago and, some are waiting for the price to return back to $69k before they can sell to take their own profits but it will be difficult for the price to return back to $69k in this month of december. But those that will hodl till next year 2024 which is the target of many hodlers to make a huge amount of profits from BTC investment because, the price of BTC will surely reach $100k before the end of next year december.
Around $45k should be the profit taking, and although the OP posted $48k, I think it has been invalidated already or we might not find that price along the end of the year as we have minor dump to $40k'ish and then just go up a bit to $41k-$42k and nowhere near $48k levels.
Those that want to experience $100k will not sell their BTC like the decision you took not to sell now in this bear run because it will not help you to make pretty money from your investment but if you hodl till $2025, you will surely get it right to make big money from your investment.
Or to put it into perspective, those who are looking to maximized their profits are not going to sell at $48k. The name of the game is going long here, so we might have to be mentally tough to stop on the game and wait till we hit 6 digits and then sell when we are about to break or reach new all time high, it could be around the last quarter of 2025.