It's sad to see the price crash, but it always is. I expected it, though. It went up like a rocket, and more often than not, this is what happens afterwards.
The crypto market still lives and dies by bitcoin, we have not matured beyond that point yet - even though STEEM has much better technology backing it, and actually has a usecase.
If I were to make a guess, I'd say BTC will rocket pretty soon, but this is not financial advice. I don't know if it will moon the alts along with it, or will FOMO kick in and make people put all of their crypto money into BTC, but if, again, I were to make a guess, I'd say the latter.
STEEM will probably go down to the $2-$3 mark. At least for the short to mid term.
But let's not underestimate the psychological effect of STEEM going up so high. People have now seen that it's possible for STEEM to rise, so of course that will come into play.
Let's see.
A correction often occurs after a sharp rise indeed. I guess my problem with STEEM is that I'm more emotionally involved than with any other coin so it 'hurts a little more' :). And you are right BTC is still king. I do hope you are wrong about STEEM of course but I can't fault it. Markets are markets .Who knows? I do believe STEEM in the long term will go up. Your last argument is the one I share with you. We know it can be done. Let's see!
My favourite thing during these price declines is seeing who immediately abandon the platform and leave.
And then return in time for the next pump. :)