The actual supply coming into the market remains the same while the mining difficulty shifts according to network hashrate(determined by the time between new blocks), hence assuming demand for Bitcoin is static, there is an equilibration mechanism creating a break-even price floor. Bitcoin's price appreciation has demonstrated that demand can be sustained through multiple market cycles, and nothing in particular has changed that assessment.

Bigger worries for Bitcoiners stem from centralization of hash power, and whether transaction fees alone will sustain the network as it exits the inflationary period.