I don't think the mining activity raises the price of bitcoin. Rather mining puts a cap on what speculators can charge, for miners need to pay expenses in fiat, they must sell. This is different from speculators who really have money they can afford to lose. The miners push the price down. The miner's affect will diminish with the halving. It is the market demand for coins that push it up. There will come a new equilibrium to the BTC price.