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.
First of all we need a well integrated portfolio to gain profit and to create this portfolio a lot of patience and there must be continuity in purchasing. My idea is that every investor who wants to start investment in Bitcoin should know that Bitcoin is naturally unstable, So if they still can't tolerate market fluctuations, that is can't be patient even after knowing this, they lack knowledge about the proper investment process.
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-historySeeing this chart, it is very impressive and profitable in accumulating for a long-term investment of 4-10 years. I see no reason why one will not go for a long-term investment which outperforms the short-term but decide to go for short-term knowing fully how beneficial long-term investment will be to you, Bitcoin investment has being designed for long-term, you can see the price movement, the increase in price after every halving , from this chart, it shows that the future of Bitcoin is very bright for long-term investors.