Running at loss when you sell during the bull run when the price of bitcoin hasn't reached ATH does not mean that you are at loss because it is the price that you bought bitcoin that will determine if you are selling at loss. For instance someone that bought bitcoin at 17k+ and sells when bitcoin price is at 90k did not run at loss even if bitcoin ATH is 120k.
Any sale above the buy price is not a loss and they have actually lost the asset to gain higher profit at the next ATH, unless they take advantage of the opportunity of lower buyback rate gradually prioritizing DCA strategy to anticipate the possibility of market rate decreasing anytime. I do not blame anyone who sells bitcoin assets at a certain price because every investor has a different relative profit target. I only suggest not to keep money in the bank balance without using it for passive income opportunities.
However, it will be better for one to hodli his bitcoin and continue increasing it overtime because bitcoin price will hit above 200k in future and that is why selling early when you see little profits will lead to regrets in the latter.
Wise investors see the opportunity of higher profit in the future and they do not do any activity on the crypto asset portfolio, let the crypto assets work on their own to achieve unlimited profit and they have accumulated very high profits in the portfolio but still consistently hold bitcoin assets until they reach ATH.