There are 100 million of liquid steem stored on exchanges. Sell walls are there and they will be very tough to crack. The issue is the lack of big buy walls. There are way too many sellers in our system, not nearly enough buyers.
It would be neat to have a quick powerdown, but that will only create more selling pressure making steem a coin with destructive downward pressure. It would be devastating for Steem price, a total reset of market cap. It would almost mean a total waste of time for everyone who grinded for 3 years and decided to power up. It is quite possible to go there without this insane proposition if btc dumps to 6k, back to 10cents. With this proposition Steem could go as low as 2-3 cents if btc dumps, and that would be a total and utter disaster.