People hold their bitcoin, because they don't know where else to put it right now. With low interest rates everybody is apparently doing well.
If the market crashes, some people are worried, or have some assets outside of bitcoin which they have to offset.
They will start to dump their bitcoin, but where is lower bound? There are no hard assets backing it like a stock.
Maybe it's a few "believers", "whales" and exchanges who value bitcoin no matter what. But what is their total buying power? If there is a strong devaluation, those people or companies would be the ones who were hit the hardest, so how much can they afford to put aside for preppin up Bitcoin?