I think in a way, yes, that may be correct.
Though if a huge part of users will hold, it will reduce the supply overall - bitcoin depends on the demand/supply concept so we can say that it will increase the value.
But of course, buying and demand is as important as well as it keeps the balance. I cannot imagine other people apart from those who hodl their coins not buying coins, they will as the interest for cryptocurrency with newer users will always be there.