Perhaps people who don't hold bitcoin in a large amount will still hold their bitcoin, but for people who hold a large amount of bitcoin, they can sell in a large amount of bitcoin, and they will wait for the correct time that will happen after the price reach the peak price.
Although I don't have much bitcoin, I will still hold my bitcoin and wait for the price touches $100k to make me get a bigger profit. But I will also sell my bitcoin when the price can touch more than $20k because that is the last time I sold my bitcoin at the highest price a few years ago.
In 2016-2017, people didn't imagine if bitcoin can touch $10k, and once the price reaches that price, they sell in a rush and quit from the crypto market for a while until all of the coin prices is drops significantly.
So right now, I think people will still waiting until the price can be more than $20k, perhaps less than $30k to sell their bitcoin because they want to make a big profit after waiting for a long time ago.
That's what i mean , there would be only few people who stay HODLing even if the price tomorrow move from $16k to $30k , as most people would cashe the money out for profit and forgetting their main target to reach $100k milestone and then failed to get that higher rewards , i do believe it's often happened ti most of us. HODLing never easy , you'll get tempted to sell it out everytime the price hitting the new all time high. This is inevitable.
You just have to remember that guessing bitcoin price shouldn't based on how things is makes sense , bitcoin are beyond all of the nonsense things when it comes to targeting the new all time high , the bull run often unstoppable .