I personally don't. The amount spent on mining Bitcoin doesn't have anything to do with its market value because the market doesn't care about that. Unlike traditional physical goods, manufacturers (miners in this case) don't get to dictate the selling price of their product (Bitcoin), so their production cost doesn't really matter in pricing.
There's bound to be some correlation because miners have to adjust to actually profit. Let's take Litecoin as an example: its price should have skyrocketed after its halving because it costed significantly more to mine, but miners turned off their machines instead because they have to follow the market, not the other way around.
And this is exactly what is going to happen to Bitcoin. Litecoin just did it faster, because faster blocks etc. Most of the coins have already been produced, 18M/21M. What is left is only going to take longer even more as time passes. Bitcoin production is definitely not going to affect prices to the point mining remains profitable, and besides bitcoin production was pre-defined since the beginning, no matter how many miners are out there or if its profitable to mine or not.
Indeed miners cannot suddenly change production at least not too long, as every two weeks it self adjusts. Normally changes in global hashrate are smooth enough that the time it takes to self adjust doesn't make things too different while it does so. With physical things such as oil, the producers can in fact arbitrarily change production to affect prices, as Opec has done for decades. But oil gets consumed when used, bitcoin simply changes hands, its normally NOT consumed, a bit like gold...
If you paid attention you would have noticed this has been going on after each halving already. It appeared to slowdown somewhat by bitcoin market price increase and improved efficiency of asics, but even with that its not enough to keep it profitable overtime; it is an uphill mountain where the grade only keeps increasing every 4 years until almost no one can keep climbing anymore.
As expected, mining has gradually been less and less profitable and this start removing the older inefficient ones first, those with expensive electricity, until the most efficient asics in the cheapest country (here) is no longer profitable. Those that made money mining would be wise to have diversified their investment in different avenues by now, do not expect to continue the game much longer, especially the bigger ones running near the borderline of profitability.
