--- All of this is just my opinion, this is no investment advice! ---
I think now we will see Steem surely go to 10 cents (or even below if SMTs do not advance quick enough).
As I explained 9 months ago, Steemit Inc did the great error to let everybody know they were running low on cash. Speculators can read as well. In my eyes they will be waiting up to the last possible moment before entering into the game again.
Until then they will force Steemit Inc to sell more and more of their stake. I do not have the exact figure, but I think Steemit Inc has over 50 million Steem left to sell (if someone knows the exact figure please comment below). The prices where around 35 cents when they announced it after going down from 80 cents (possibly some insiders were selling before the announcement).
My comment was that announcing to everybody that they were dependent on selling more and more Steem in order to keep the company from dying showed me that other players would tend to stop buying, draining their stake on purpose... as with each halfing Steemit Inc would have to sell twice as much of their stake. This is like a vicious cycle. The more they sold, the more it fell...
We are still months apart of seeing a working SMT implementation, so plenty of time for waiting even further and having Steemit Inc drain their stake.
The best outcome might be that SMTs are working perfectly in lets say 6 Months and that Steemit Inc has very little Steem left, like a million Steem or so... this + completed SMTs might be a reason to have the price of Steem skyrocket, as then there will be no risk of Steemit Inc dumping another 50 million Steems.
I mean, the price could be dumped down by Steemit Inc to a cent... in this case if they needed a mere 500.000 USD/month they would have to sell 50 Million Steem in order to just survive for a month...
I think though that it will not get that far, but we could get pretty close... All depends on how credible their SMT advances are... Hopefully they get the testnet with SMTs running in September, so that some Speculators might want to enter again... but if they come up with more bogus advancements like the "Economic Improval Proposal" or stuff of that nature, delaying SMTs even more, we could get pretty quick to that point... a total buyers strike... and Steemit Inc to be forced to sell at any price all of their stake.
What I think how this will play out ultimately
First we will see even lower prices... after that I think they will be able to finish SMTs and the price will explode after the introduction (not sure if drectly or a few months later). If Steemit Inc has very few Steem left it will explode even more.