Is Bitcoin dependent on institutional buying, hodling or both?

After Bitcoin dropped on the 21st of January, the investors dropped back to a previously used market strategy that supposedly triggered BTC’s bull run; hodling. As reported previously, dormant coins undergoing movement during the massive $42,000 high became dormant again, and hodlers settled back to navigate through the bearish storm.
However, the rally which started back in December 2020 might have manifested due to a different sentiment of the hodlers.
Hodling and Hodlers: Playing Bitcoin differently
Now, the common narrative over the past few months is that Bitcoin is rising on the charts d