I'm holding bitcoin as investation just like I did on gold. If there are no raising price, Mostly I'm kindda dissappointing and I'm bet that most people will feel the same.
But since I know the risk of holding bitcoin , I can bear of it and will keep holding it until the time has come !
If most people feel disappointed, they will dump their coins. The price will further decline.
We could get into a downward spiral.
Immediately after the halving, the price might not rise a lot. The halving could have already priced in.