2018 high steem was more to do with ICO boom era. People sought to find bargains that might have a future.

A blogging platform created partly by @dan (EOS) who at the time was celebrated as Vitalik 2.0 was then an obvious "this is the one to buy into"

That era will not see a second round.
So I think you're falsely linking that high price of Steem to be a product of just BTC boom.

I don't see anything happening here that could have people reset their views and think that this has any future as an investment.

A Card game ain't it.
A meme showroom (pretending to be art) ain't it.
A finance lion selling dreams to the poor ain't it.