Bull Markets generally fall steep and then rise much slower ending up higher than they were before. Bear markets do the opposite. They climb steep and fall bit by bit ending up lower.
I would say after seeing a drop of up to almost 50% in Steem I would say this fall was steep enough... Anything less would have worried me after seeing the steep increases before. I think 50% was a minimum in order to confirm the bull market from a technical point of view and get the much needed consolidation.
I think crypto investors are special, because after exiting they generally want to get back in at some point. The technology is now out of question in general (obviously between the 1400 cryptos there might be some which do not work, but in general). Even the slowest and oldest technology Bitcoin keeps on working... it has not been hacked by anybody.
As this was the minimum setback in my eyes, I think there is a chance for further corrections, but I think in the medium term it will end up much higher, as there are so many exciting innovations (for example SMTs) coming up that there are plenty of reasons for new fantasy in the sector.
Just look at the numbers of growth at d.tube, it seems also that Steemit is really catching on.. almost everybody outside MSM starts having a Steemit account these days...
I am really excited for the next 3 years!
Disclaimer: this is only my opinion and no investment advice whatsoever...
