It might be effective but you can't control users and investors in that way that you can prevent selling. To my opinion just holding bitcoin isn't the best strategy also, bitcoin is created to be actively used not only as an investment asset.
What exactly is bitcoin currently supposed to be used for? As of now there is no mainstream use case for Bitcoin and I believe there are other alternative coins out there who tackle the payment use-case way better than bitcoin. Intuitively I would say that most people treat Bitcoin as a store of value, nothing more, nothing less.
So I would say holding is indeed the best way to survive this massive drop.