That is an awesome Question. I love it when I get such questions.

The answer is Yes.

As STEEM price is measured in BTC too. For example STEEM is at 2 USD now and it costs around 20000 sats to buy 1 STEEM.

If for some reason price of BTC doubles than what would happen.

The price of STEEM will be 20000 sats approx but the USD price would be around 4 USD.

Although it would correct itself to around 3 USD but the fact remains that BTC and STEEM or any Altcoins are related.