Earning steem tokens through blogging is getting harder. It does not really matter whether the Steemprice goes up or down, it's simply more users trying to earn Steem from a fixed reward pool.
Early bloggers are like the early miners of Bitcoin. They earned relatively easy STEEM. It's first adopter advantage.
I think the amount that most early bloggers managed to gather (including myself) through blogging early is around 10-12K Steem.
Trying to earn 10K Steem today through blogging today is much harder.
I can only see a black swan moment stopping the point where demand exceeds supply.
A Steem token is very desirable because it gives you influence on the platform and better curation rewards.
Something that's desirable is something most people want to keep and treasure.
Therefore I believe that when users earn steem tokens today through blogging it's less likely they will sell it. And even if they do, because the amount of earned STEEM is a lot less than before it can't create much selling pressure on the markets.
Selling pressure can only come from bigger accounts and this is getting less every week by looking at the power down statistics.
Given enough time, I can only see a black swan moment stopping the point where demand exceeds supply and the price will slowly rise.
Follow Me @exyle
Bitcoin SwC Poker, download and use affiliate code: Blazin8888