Most might think that the price will go up after the halving. It most certainly will but not immediately. I guess it will take several months. Most likely during NOV/16-FEB/17.

Most of the traders, however, think the price will tank during the halving ("sell on news"). So, it depends. Perhaps, it won't do anything dramatic :)

e: if everything goes well, I guess we might see short relief rally immediately after the halving. Some people could have hedged their position, and will buy back/close the shorts.