It will be some cycle:
- Initially, miners experience a direct reduction in their revenue because they receive fewer coins for their mining efforts.
- Some miners may find that the reduced rewards make mining unprofitable, and they may decide to shut down their mining operations.
- The total computing power, or hashrate, of the network may decline as miners with higher operational costs exit the market.
- If the hashrate decreases significantly after a halving, the difficulty will decrease as well.
- A lower difficulty level may attract new participants to the mining industry only if the price of bitcoin rise and this may be the case, keeping the currect demand for bitcoin some constant but the new suply reduced this may lead to an price increment

This is more or less the cycle of th halvings with a lot of small details ommit or oversimplified