That is a very good way to look at it @mattclarke. I totally agree with you that the Steem price will rise to new highs when Bitcoin goes on its next run. I must say that it looks like Steemit has found new life with all the changes coming in.
I am a great supporter of Steem who lost faith at some point. I do believe that Steem has a great future if the system is designed in a way where good posts are rewarded. I must say I hope and it looks like things are changing for the good.
I had 12 btc back in the day, and moved it over to Steem for exactly that reason.
I could see many ways Steem could move without affecting bitcoin, but couldn't see any way bitcoin could moon without taking Steem up too.
I agree, I was much more bullish about Steemit in the beginning, but I am hoping this will change for the good. I guess all we can do is wait and see what the future holds.