My feeling is that.there are very few serious investors. The only thing to put pressure on the price, in my opinion, is the need to power up to use the system in any constructive way. The inflation built into steem (as well as its DPoS nature) will never make it a traditional investment in my opinion. This thought was covered, somewhat, in an old post of mine. A link to it is included below for your reading pleasure.
https://steemit.com/steem-network/@novacadian/where-is-the-trust-in-proof-of-brain-mining