What is the essence of buying and hodling Bitcoin like is it to accumulate it till it attains ATH then we sell it off and wait for a dip and start buying and holdling again or just accumulate it ~
Some holders may buy Bitcoin and set the target for profits on the ATH. But other holders don't set the target on the ATH, they target to take profits once it reaches certain percentage of the growth. For example, I bought Bitcoin at $40k last year and I target to take profits when it grows 100%. It means when the Bitcoin price reaches $80k, I will automatically sell my Bitcoin and take profits. I don't care whether Bitcoin to reach $100k, $150k, or more. When it fits with my target, I will secure the profits.
However, some holders may take profits gradually, they don't sell all their Bitcoin at once. They may plan to sell a half of their Bitcoin when Bitcoin reaches a certain rate. Then they will sell again some of the Bitcoin when the price goes higher. Well, it depends on the strategy used by the holders. But I believe that not every holder sets the profit target on the ATH.