I think there are many holders because as we can already see in it's short history bitcoin is something special and potentially could change everything.

The old way of investing is not appealing anymore and is dominated by a handfull of companies and banks, crypto can and will at some point be the hand that forces change.

It is just normal for investors to hold on to their investments during troubled times, since what you will only have is paper loss. If we check in the basics of investing, whenever the market is down, hold and buy it low, the same goes with bitcoin, if you see the price going down, you should not panic or worry since you will still have your investment, the problem is people don't realize what they bought, what they just look at is the value of Bitcoin and not having Bitcoin itself.  The reason why most investors hold, is the fact they know, that Bitcoin is volatile, and they have a tolerance to when is the right time they will sodl if the price is going to hit rock bottom, but if not, they hodl, since a very volatile asset also means, a very volatile gain, and that is what we are looking for why we invest, we look for ways in how we could win, not to cry when times are hard.

Bitcoin has a huge demand among thousands of investors who dream of a non-cash future, and now they are investing in digital currency, not traditional means.
The first crypto currency has already turned early investors into millionaires, and tries to do everything possible, if only the many thousands of people radically changed their views on traditional markets and investments in general. Although those who use and support bitcoin still make up a smaller percentage of the world's population, in the millennial generation of investors, the number of young people who turn away from traditional financial empires is growing. If this trend continues, it could mean an absolute collapse of the banking system, as it continues to adhere to outdated algorithms. Until now, there is some way, until even the most seasoned investors are completely free of traditional banking and monetary institutions, but today they can already control their future in terms of investments. Since it is easier for them to manage their own savings plan by investing and reinvesting new technologies. Although they continue to deduct a certain percentage of the usual pension fund, and their accounts still have to be paid through a bank account, but investments in crypto-currencies have become for them a central part of savings.

I think they hold bitcoin during market correction because they are confident that it will recover and hoping that it may gain its latter value. With this great coin, it can be reliable to invest in and have the confidence even in market correction. It may surge down in price but eventually it will recover. That is just part of the market cycle. It is just with the trader/investor what will they do with it.