Basic economics applies here. It's the actions of buyers and sellers that bestow value on something. That's what applies to the value Bitcoin has. In economics, it's called Demand and Supply. Someone is ready to buy (demand) and so done is ready to sell (supply). If demand is greater than supply, price pushes up. If it's the other way round, price dumps.

Merely hodling Bitcoin or any other asset without exposing it to the market won't determine its value. Hodling only shows trust and faith in Bitcoin but it doesn't set its price, only buyers and sellers do.