Since the last halving in
2020, the liquid supply appears to be dropping. Liquid supply vs total supply can be thought of like a "checking account" vs a "savings account."
People are putting more and more in savings,
and since you don't touch savings, this effectively reduces the supply further.
What happens when you cut the new supply (the halving) while the total supply becomes ever more scarce...
The "Root" is one of my favorite bitcoin analysts, and he explains this Cycle Theory and how these halvings every 210,000 blocks (~4 years) impact price and what might happen next April during this next one with liquid supply dropping in tandem.