I'm grudgingly in the camp that believes there will be no new iPad Mini. Here are my reasons...
No longer any competition. The iPad Mini was produced in response to the growing sales in 7" Android tablets. The Mini became successful enough to squash the 7" Android tablet market. There is no longer a need to keep it around.
No viable position in the lineup. With the release of the 2018 iPad at $329, there is no place for the Mini at a price point that will be attractive to the general consumer. Even if Apple were to give the Mini the "2018" treatment, they're not going to drop the price to less than the 9.7" iPad. Having a more expensive but smaller iPad is going to create "confusion" for Apple's customers and may have unintended side effects on the sales of the other iPads.
Yes, vertical markets make heavy use of the Mini but they most probably don't buy enough Minis to make more than a rounding error in Apple's financials.
If they were going to produce an updated Mini with Pencil support, they would've done it BEFORE releasing the low cost 9.7 iPad. They would have released a Mini that was cheaper than the iPad Pros but at, or slightly above the price of the Air 2. The addition of Pencil support would've been enough to justify the price for the smaller iPad. THEN, once the new Mini was out and selling, release the lower priced 9.7 iPad. That could've worked, doing it in reverse I don't think will.
It is at cross-purposes with the iPhone. I'm still amazed that so many people claim that the iPhone XS Max is the "new" iPad Mini. That demonstrates a complete lack of understanding of how many people use the Mini. But yet, that is the type of gas-lighting that Apple encourages... because they want consumers who want a Mini to "settle" for the iPhone XS Max. There will even most likely be a LARGER iPhone yet that will force people to rely on the Apple Watch and AirPods to use such a mega-phone.
I hope that I'm wrong and there will be an updated Mini.