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.
It does not matter if you spend or hold your Bitcoin ( It does not affect the price of it). What matters is the the demand and supply of it. We all know that Bitcoin is limited to only 21,000,000. It's only a matter of time that all of it will be mined out and many people will hoard it up for its price to increase.
but to me if no one use bitcoin, i will really matter, if they are not using bitcoin for some tie and are holding it, then the demand will increase and supply will decrease and so the price of bitcoin will also increase, and if people stop using it permanently then the supply will increase and there will be negligible number of bitcoin users, so the price of bitcoin really matter.