Bitcoin doesn't update and I think it is a wrong choice of word and I think the dude was trying to say that the price of Bitcoin keep fluctuating everyday and of course that is volatility and the variation is not just upward rather it is both downward and upward but in long term, Bitcoin always take the upward direction after correcting and revolving about a particular price for some time. That is why it is better to hold for long because Bitcoin doesn't just surge, it always take its time and sometime this can take more than half a year before it will break a good point and sometimes below or even more and if you are investing for short term there is a high possibility that you won't make something tangible from it.
The Bitcoin price cycle itself is almost wave-like, although the price level itself always fluctuates at certain levels. After a major increase, which can lead to an ATH in Bitcoin, there's always a correction to a certain price level, so this should be fully understood by all Bitcoin investors. So, as you said, Bitcoin only experiences price fluctuations, which some might view as volatility. Therefore, it's not appropriate to call it updated, because Bitcoin's supply is already limited and will not be increased by its creator.