Experienced people will never buy Bitcoin when the price is rising, they tend to wait for the price to drop and then buy and store it for a certain time to take big profits later. Therefore, in investing in Bitcoin, never FUD and FOMO and must be able to manage emotions so as not to get caught in big losses.
When you are just getting started, you likely are forced to buy at any price.. perhaps for a whole cycle, and maybe even for two cycles.
When you are just getting started, you might not really know if the price is rising or falling, so if you don't have any coin, then the ONLY way to prepare for UP is to buy some coin. If you don't have any (or many) then you may well not be adequately prepared for up.
Long term HODLers (and BTC investors) might not preoccupy themselves with "taking profits," since that surely comes off as a trading term, yet if someone is bitcoin for a long then, his BTC portfolio has decently good chances of being in profits, and he ends up having more options in terms of selling, yet it can take 4-10 years or longer just to build up a decently sized bitcoin portfolio, so if someone is building his BTC portfolio, it may be best in his interest to just keep building up his BTC portfolio, whether he perceives the BTC prices to be going up or going down, and then perhaps after 4-10 years or longer reassess in terms of where he is at, whether he might want to change any of his strategies, and/or whether he might want to start to sell some of his bitcoin - which I would not consider to be taking profits, since why the fuck would someone want to spend 4-10 years or longer building up a BTC holdings and then to sell to either consume all of it or to get into some inferior investment?