Yeas but there is a few reasons why markets go up and down, but the main one is how much is being bought and how much is being sold.
The 8+% inflation of steem play a big part here.
On a rough calculation, supposing that 3 years ago with 100k would be possible to move the price up from 1 USD to 2 usd, that is, f someone used the this money to buy the available sell offers, considering the 3 years inflation, the same movement today would cost 134k USD, (if all new steem go to sale, of course).
And this number double when you try to push from 2-3 (kind of, because depends on the offer volume on each price level)
Basically this means that everyday it become harder and costs more to move price upward, so its highly unlikely that steem price to go above its peak.
It can still happen, if there is a big enough influx of new money on the markets, but very unlikely.
I will keep that in mind...
yes inflation can have these effects, and from what I understand, as the SBD Peg did not hold, inflation was actually higher than 8%