Since Bitcoin is by definition, deflationary, because it has a limited supply
I think that deflationary means that the supply is meant to
decrease and in case of bitcoin, especially in the last 5 years, I expect that the amount of bitcoins lost is tiny.
Now what would happen if people did start suddenly hoarding? I mean HODL is just a huge meme at this point but what if EVERYONE actually did that? What would things look like then?
Well, at least the miners cannot just keep HODLing, they are businesses that have to pay their bills and they can do that only by selling some of the coins they obtain.