Halving events have frequently been associated with increase in price of bitcoin with significant upward momentum both before and after halving. Bitcoin halving often generate increased market attention and hype. Expectation of lower supply and likely price increase may fuel positive feelings amongst investors and traders.
Theoretically, it should increase the market price because basically, it is going to decrease the supply of cryptocurrency making it harder to get so it should increase the market price of Bitcoin, but there are still other effects since its more of a miner thing, basically it just gonna get harder to mine Bitcoin so that could affect a lot of things in the community probably a lot of miners are a gonna stop mining again because it's not gonna be profitable to them anymore and we dont know how it's gonna affect the market price of Bitcoin.
There is also hype involved since we are in the market cycle and a lot of investors are hoping that this Bitcoin halving event is gonna be the one that is going to trigger the Bullrun meaning a lot of investors are going to buy Bitcoin especially when the Bitcoin halving event is near so for sure there are going to be hype increasing the market price but the main effect of the event is going to be somewhere around after the event most of the time if we are going to look at the Bitcoin halving event timeline we could see the effect of it after around one year, basically making the price skyrocket.