Yes, I agree with this theory. This is very basic. If the demand is there, even if not rising for as long as it remains there, and the supply is not rising, then the price will rise. If the supply is constant, there will come a time that there will be shortage, and this is a reason for the demand to create much value to it. We can apply this theory to halving. However, we are talking about mining. If the reward is not attractive and fail to cover the cost, there is a problem. So the value has to rise or else it will discourage miners.