The only real bearish outcome for a successful merge, is that there is a lot of ETH locked up in staking. Eventually, that will be released and could flood the market, so you'll have a bit of some downward pressure.
That said, Vitalik stated that when the time comes, there will be a slow-release mechanism to prevent that. Everyone who staked knew clear well ahead of time that there was no ETA for this, and there was a theoretical chance that they'd never get their ETH unstaked (just to cover legal basis).
Many stakers got their ETH at double-digit prices. The expectancy is that many will take some profits.