Average mining costs = a proxy for “intrinsic value”?

Bitcoin’s price has typically mimicked its mining costs (although sometimes it gets ahead or lags).

Back in late 2021, the average cost to mine a bitcoin was ~$20k, meanwhile its price went all the way up to $69k.

Now, the average cost to mine a bitcoin is ~$75k.

Should we expect Bitcoin’s price to eventually adjust to follow its mining costs?