The truth of the matter is that it can be very tempting to sell most if not all of your bitcoin just like hypothetical 2 did, and he ended up with nearly $1 million in profits out of a $47k investment, so it is difficult to proclaim that he did not profit, even though he would have had been better off to hold onto more of his BTC, perhaps some variation .. yet whenever any of us is attempting to create a somewhat realistic hypothetical comparison,
You are actually right, we can't predict some kind of situation when it arises. We might proclaim to be different in terms of making decisions in regard to what hypothetical 2 did, but we might as well do as he did when we find ourselves in such situations or did worst than him but thanks to Bitcoin growth which has changed people narratives. Because people had some doubt some years ago about bitcoin and some sold way too quickly Because there was no proof as to how hug bitcoin might be. But from previous history of bitcoin starting from 2009 till date has shown the immense growth of bitcoin and if I where in positions to make decisions now, I will be In position of hypothetical 1.
People are still going to make the same mistakes as they made earlier by selling too much bitcoin too soon., and also concluding that bitcoin does not have very much upside potential, so they will feel that they need to shave off their dollars. Sure, there will be a lot of folks hanging onto their bitcoin and figuring out how to continue to have bitcoin as one of their ever-present assets, yet not everyone is going to figure it out... and we cannot even know if future performance is going to be sufficient to justify continuing to hold bitcoin.. each of us has to figure out our allocation and also our way of managing our stash once we feel that we have gotten to a sufficient and/or more than sufficient size of BTC.
I think that bitcoin portfolio management should be another aspect that an investor needs to understand when he has reached his bitcoin investment maintenance stage, so that he does not mismanage his bitcoin investment after feeling that he has more than enough bitcoin in his possession. Since some people might feel that because they have too much bitcoin, they can start selling whenever they like and will end up selling too much bitcoin too soon forgetting the long period of time that they used to build their bitcoin stash to that size and the process they passed through. It is easy to destroy but very hard to build i.e, it is easy to squander 1btc than save gradually to get 1btc.
Your bitcoin investment should be part of your life and you don't need to rush in selling too much too soon when you know that you are not giving up the ghost, but rather watch your bitcoin investment grow in profit bigger and bigger as you get older and older while you only take little profit that will not have any effect on your portfolio once in a while. However, this is what all investors needs to figure out by themselves because it is our bitcoin and we can do what we like to do with it.