The Halvening is hard to quantify in terms of “good” or “bad” for Bitcoin. This is because “good for Bitcoin” is currently synonymous with “good for investors”. Higher valuations of Bitcoin are not why block reward reductions were programmed into Bitcoin’s algorithm, nor are the profits of miners. The point of the Halvening is to help keep Bitcoin’s inflation rate trending toward zero, and no matter what happens to market values, the process will achieve its means.
Look at it this way:
Much like gold, Bitcoin is always becoming more scarce. As it becomes harder to mine Bitcoin, the value of each coin should go up so long as demand remains constant, and demand should remain constant as long as Bitcoin continues to prove a good store of value.
When evaluating the value of the halving process, you really only need to know the answers to three questions:
Does the halving process contribute to the view that Bitcoin is a good store of value? You bet it does.
Will the halving event happen regardless of market dynamics? Absolutely.
Will block reward reductions ensure everyone keeps making ridiculous amounts of money in a speculative market? No one could possibly know that.
In the end, the Halvening undoubtedly supports Bitcoin’s use-case and proves that Bitcoin can potentially solve the problems associated with today’s currencies and stores of value. If Bitcoin was designed to create a functional alternative to how value is created on Earth, then this halvening above all others will prove that the concept behind Bitcoin is sound. Don’t focus on the effect the Halvening has on the market, focus on the effect it has on Bitcoin.