STEEM will not drop below $2 unless BTC drops below $6000. There is nothing going on with STEEM. It is just following BTC and overall altcoin trend which is BTC's downtrend and altcoins following more vigor (more downtrend). It could change to any forms: BTC downtrend & alts stable, BTC uptrend & alt stable, BTC uptrend & alts uptrend. Nobody knows until it changes direction on some news that trader decide they will pick a trend. Current trend is probably due to BTC's low fees that subverts demand for alts. And, BTC is just moving sideways.
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There is no need for cryptos to go down to early 2017 levels, but it may happen... so we have to consider it. Crypto may be done as a major get-rich-quick investment, for good.
Business insiders have opined that in their opinion, the crypto market has been successfully defused. Dumb money (millions of inexperienced little investors, most smartphone users from third world countries) have learned that it's not them who are making the market, it's them who pay.
With charts going down or sideways very frequently, that is two thirds of the time, little investors are bound to lose, so their interest is waning.
They are now mass-withdrawing from the market, understanding that "get rich quick" is no longer an option.
Skyrocketing cryptos will be a rare high-risk exception, and only insiders to a pump can profit of them.
Therefore, little investors will be either sending their money back to their bank accounts, where it can have real-life use, or trying to play the forex markets.
Crypto, from now on, will be in the hands of the very people it was designed to ward off : the money industry.
If you watch the crypto charts with hindsight these days, you cannot overlook that the regular, mechanical action there is mostly being caused by the market makers' trading bots, with occasional pumps and dumps to shoot off stop losses and sell orders of the remaining, clueless human operators.
Deal with it or keep waiting for a rare breakout, listening to the massive steemit prophets.
@cryptopassion fortunately isn't one of them..