You've gotten some well-thought-out answers to your question, Scotty. None of us, of course, make a decision in a vacuum. Your decision affects you personally. I can tell what my wife and I looked at, deciding in the midst of the swirl of emotions that accompanied a rise in PSA. Here are some things I think worth considering:
(1) PSA velocity--It's not so much the absolute numbers that count as the relation of numbers. An increase in velocity is a prime indicator of prostate cancer.
(2) Whether to do a biopsy-- If you don't get a biopsy, you will be left with a lot of uncertainty. Is it cancer or not? Yes, you can do a course of antibiotics in case it's prostatitis, or wait longer and retest to see if the PSA goes down, but can you live with the uncertainty and all the possibilities--good and bad--that means?
(3) Biopsy--If it's not cancer, go home and kiss your loved ones, celebrate and enjoy your cancer-free life. If it is cancer, you are faced with the question, is it slow- or fast-growing? The answer is that nobody knows. Here again, you can opt to wait or treat. If you decide to treat, you are faced with many options.
The best you can do is to research and decide based on the best available information so you can live with your decision. There are no perfect decisions, because all have risks and consequences. More than two years after my own encounter with prostate cancer, I do not regret my own decisions and their consequences.