The original post was not a textbook
During a sharp price fall, BitcoinTalk user GameKyuubi wrote an emotional post and misspelled holding as hodling. He argued that skilled traders might catch highs and lows, but he considered himself a bad trader and would remain invested.
Other users repeated the typo immediately. The later phrase 'hold on for dear life' is a backronym: words fitted to an expression after it already existed.
Why timing is difficult
Successful short-term trading requires both a good exit and a good re-entry, after fees, taxes and competition. A historical chart only makes the turning points obvious after the event.
Frequent decisions also invite fear after falls and euphoria after rises. A simple long-term plan can reduce those reactions; this is the useful core of buy and hold.
Holding is not automatically safe
Time cannot rescue every asset. Bitcoin is volatile and has no contractual return. Concentrating all savings in one position may endanger near-term needs.
A plan should define horizon, emergency reserves, position size and reasons for reassessment. HODL can remind someone not to panic; when it forbids analysis or becomes group pressure, it is an identity rather than a strategy.