It can affect the market but it will not happen easily, because a lot of people are still selling their bitcoin because they do day trading so technology this is just a cycle and we cannot say that the value of bitcoin will increase simply because of many hodlers. We should consider the volume of whales in this market that can change the price and also those who are panicking, it can dump more the market.
I think bitcoin holders will not be placed in an exchange wallet, so the effect of the market is pure on supply and demand. While whales try to move the value of bitcoin with its strategy, even though we know that many whales face to profit. when the market experiences bears, everyone also experiences even fear of whales.