Stir the bourbon, brown sugar, ketchup, white vinegar, hot sauce, cayenne pepper, garlic powder, honey, and butter together in a saucepan over medium heat; cook, whisking occasionally, until the mixture begins to bubble. Reduce heat to low and cook at a gentle simmer, whisking occasionally, until the sauce thickens nearly to the consistency of maple syrup or molasses, about 15 minutes. Remove from heat and allow to cool.