Not necessarily. The STEEM-BTC price has been favorable to STEEM as the price of Bitcoin rises. Any gain on BTC is great in a market where the BTC price is increasing.
But just because the BTC price falls, it doesn't mean that the STEEM price will gain on it. In fact, I have witnessed the opposite on many occasions.
STEEM is just BTC with an official community and the ability to mind it instead of mine it. A better formula in my opinion especially in a time of content explosion. We need to hire someone to make STEEMIT apps for everything. There is no limit.