Hodling requires a lot of patience before profits can be achieved so if an investor cannot be patient to withstand market fluctuations it may lead to losses by selling when the price is low due to fear of the price crashing further.
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Even if an investor bought Bitcoin at the peak and it never come back stronger again in that cycle, while not wait for another cycle to get the profits since it is almost becoming a tradition that the price of Bitcoin is likely to increase pass the previous ATH in every cycle.
If an investor buys Bitcoin at a peak even if it doesn't become strong again at that time, he should still wait at least two cycles to take his investment to a stronger position. Moreover as you mentioned, there is a possibility of exceeding the previous ATH in each cycle which is a somewhat inconsistent sentence because we have seen in Bitcoin history that after each Bitcoin halving, the price of Bitcoin has created new ATH. So even in this situation we have to try to be more patient.
https://www.kraken.com/learn/bitcoin-halving-history
Bitcoin is on the rise actually, so their is a higher probability that Bitcoin will keeps on making a new all time high during every circle, and it can go as high as a million dollar or more in the future, it's just a matter of time, so the big question here is that how long can you hold?
An investor might plan on holding it for a very long period of time like three to five circles, but if he has no measures in place that will make him to hold effectively like having a source of income and an emergency funds to sorts out yourself during emergency situations in the future, you might be compel to temper with your holdings even though it's not your will, so it's very important that as we are buying and adding up to our stash of Bitcoin, we shouldn't forget to build a very good emergency funds also, so as to be able to withstand the pressure of any kind of emergency situation that may arises in the future.