The reasoning behind this price analysis doesn't make a lot of sense. In a world of markets based on reason, maybe... But this world doesn't exist.

If this theory would be correct, there would be a lot of selling pressure on bitcoin as most of the bitcoin mined needs to be sold to pay for the electricity cost. Certainly a lot more needs to be sold than the 8 or 9% inflation STEEM has at the moment.

The price of a certain crypto currency is fully based on speculation and in the belief the price will go up or down. Bitcoin maximalism is on the rise at the moment, so the price of bitcoin goes up.

Alt season will come one day, but not all alts will be included. Only the major ones where people believe there are fundamentals.

Now that STEEM has slipped passed place 80 on CMC, it is not a given STEEM will ever recover. Just like you, I can see there is a lot of development going on on STEEM, but it really doensn't matter because the project is perceived as a failed project by the broader crypto audience.

This sentiment can be turned around, but the longer it takes the more difficult it will become.

It doesn't mean the price can't go up again. But at this moment I don't see how STEEM could become a top 20 or 30 cryptocurrency once again.

Don't be blinded by what you perceive to be fundamentals, in the end it will not matter. You are way to convinced this project will succeed while the chances of that happening are getting slimmer and slimmer everyday, regardless of the development and community efforts.