As miners reduce production and there are fewer Bitcoins circulating in the market, the price will rise as expected.
It's worth noting that the upcoming reduction in block reward doesn't equate to having fewer Bitcoins in circulation and considering that Bitcoin is still inflationary, I don't think we'll see a significant positive impact on its value
[I hope I'm wrong for the latter part and hodlers would benefit from this event].
And miners will continue to do their thing since they know that it will happen and for sure this is still profitable at their end so there's nothing to worry about if OP is worried about any possible negative effect as a whole since for sure that a lot more good thing to happen and as you said that all hodlers will get benefit to it since this is really destined to happened especially that bitcoin has limited supply like what have been said.
Also instead to worry on some unimportant things maybe its really better to focus on what we can possibly do since its good to ride on current situation happening. Although we don't see yet a good price pump just like what people want to see but for sure there would be a positive changes will happen.