Although the on-chain indicators point towards the worst-ever BTC bearish market, they also underscore the increasing resilence of holders.
The number of holders not selling ever under extreme market conditions has become higher than in previous bearish markets.
I think it is a little too soon to be talking about this since the bear market is not over, we can talk with certainty about what happened during 2018 and beyond since that bear market is over.
But in this case, the bear market is still ongoing so there is a possibility that many people that are still holding their coins today get desperate and sell their coins if the price of bitcoin keeps going down and it shows no possibility of recovering during the short term.
People already know how to take advantage of the bearish market so most investors nowadays are accumulating and holding more Bitcoin since the price is still cheap. Lots of investors are holding while waiting for the market situation to get better and for the price to recover so the number of holders isn't questionable.