Basically in a halving situation, the economy is in a deflationary scenario.

In all deflationary scenarios the price of goods fall, in this case bitcoin will gain value, against fiat currencies.

The miners will be trying to make up for their losses - the most logical thing to do is not to sell the coins for a profit, but to hoard them for later sale when the price goes up again. This limits the supply of BTC available, perhaps for a few months until the price adjusts. But there is always going to the same demand for BTC. When demand outweighs supply, the price will naturally go up.