Certainly, the limited stock in circulation will deflate its value... the price of BTC will skyrocket compared to FIAT... when many people prefer to hold their Bitcoin, it means that it will be increasingly difficult to get Bitcoin on the market...
It is natural, when many people are looking for Bitcoin, the level of confidence to hold will also increase, for the benefit of everyone will do so...
Some people hold, that's enough to make the price skyrocket, and if everyone holds, it will be even crazier.