I believe the earlier rumored price of $649 for the 5.4 inch is still likely, but a $699 price also makes sense. The 6.1 inch iPhone 12 would then likely be $799 rather than $749. My completely speculative pricing line up in this is the case for fall is:
iPhone SE 2020..........$399 LCD LTE A13
iPhone 11..................$599 LCD LTE A13
iPhone 12 5.4"...........$699 OLED 5G A14
iPhone 12 Max...........$799 OLED 5G A14
iPhone 12 Pro............$999 HDR OLED 5G, mmWave 5G A14
iPhone 12 Pro Max......$1099 HDR OLED 5G, mmWave 5G A14
This makes perfect sense and will result in a high quality, high performance phone at all price points. If this is the breakdown, Apple will have a record year, endemic and all.
(Apple may keep the iPhone XR at $499, but it would be an A12 model stuck in between two A13 phones.)