We should know that to increase its value our money should be out of our pocket and circulate in the economy
like in real economy
If people start holding their bitcoin the price will go up , but that doesnt mean that it will stay going up instead at some point the price will go down and this is mainly due to the reason that there will demand on bitcoin and if the price goes really high they will lose that demand and that is why there bitcoin community is divided between spenders and the one that saves it.