I have low water pressure and have been told I need to bleed my holding tank, how do I do this?

Probably, you don't. Assuming you are referring to a pressure tank and not a holding tank, let's address a few questions first.

1. Does your tank have an air valve at the top?
2. At what pressures does your pump cut on and cut off? You can check your pressure valve while you have a faucet running to find this out. You will likely be able to hear a "click" as the switch turns the pump on and off.
3. Turn on an outside faucet and see how long the water runs before the pump has to cut on to build pressure back up. Time it in seconds. Hopefully, it will be at least a minute.

Get back with your answers.

Yes it has air valve. Comes on at 24psi and cuts off at 39psi

You have what is called a bladder tank. It has a membrane in it that separates the water (bottom) from the air (above the membrane). There are only two things to check on such a tank.

1. Depress the air valve for two or three seconds. If water comes out, then the membrane is ruptured and the tank needs to be replaced. You can also gently tap up the side with a hammer. When the tone changes, you have found the level of the water. It should be around halfway up.

2. If the membrane is good, then the pressure at the air valve on top should be 2# below the cut in pressure, which for you would be 22#. To set this, you do need to turn off the system and drain off the pressure at an outside faucet. Set the pressure to 22#, then turn the system back on at the breaker.

The deal is this. This is not going to affect the pressure in your home. It is going to be between 24 and 39 because that is where your switch is set. If you want to raise the pressure, it is not difficult. This site gives very good directions:

How to adjust water pump pressure, pump cut-on pressure and pump cut-off pressure - private pump and well system do-it-yourself repairs

Many people find 30/50 to be a satisfactory setting. Best wishes.

I just turned my water on to see how long it ran before the pump turned on. I also checked the pressure in the holding tank, it was 34lbs. It took the pump 4 minutes to turn on after the water was turned on. Is this OK or is something wrong?

Probably. Depending on the tank size, you want to at least get five gallons of water out between the pump turning off and then turning back on. At 4 minutes, I feel very sure you got at least that much.

As to the pressure in the tank, it should be set in this manner:
1. Watch your pressure gauge as water is being used and note the pressure when the pump turns on.
2. Turn off the power to the well and open a ground level faucet until all the pressure is off the system (gauge at or very near zero).
3. Set the pressure in the tank to 2 pounds below the pressure you observed in step one. So, for example, if your pump cut back on at 30#, then you would set the tank pressure to 28#. Do this at the air valve at the top of the tank.

Hope you find that helpful.