Will the BTC price take longer to reach all time highs with time? 5 years ago 10k bought 3 BTC, now it buys .25. Does that mean that as price goes up, it will require more fiat to keep it pumping? When price is 200k, it will take a lot of money to influence price it seems.
If the supply reduces and the demand remains same or increasing, the cost of bitcoin to buy using a stable fiat currency will increase. That is the deflationary system.
Now, what others have said, miners will be selling to cover their ROI which is normal so the price will not be going straight up and there will be institutional investors who buy/sell everyday to manage portfolios. Added on top negative news outweigh the positive news most of the time driving the price downward.
Even then, the long term effect is that the price will keep on rising and you have to get in before that unreachable prices get reached.