What do you mean with "as forecasted"? Whoever made that forecast clearly knows nothing about investing. (Sorry, nothing personal.) We where so overbought in the end of 2017 it was fucking pure madness. Every (shit)coin was going parabolic. When you see something like this then remember: in finance they call it "a bubble" and it usually doesn't end well.
I remember that lots of noobs where screaming "buy, buy, buy" exactly at the top shilling their favorite shitcoin. (They are all gone now.) Maybe you got the analysis from them? It's very typical for a bubble, it makes people FOMO. Suddenly everyone was a trader/investor, people who never made a trade or investment before in their life. But remember: the masses are always wrong because they invest based on their emotions. When it crashes they are too scared to buy and when prices go up then they chase the price. People do it all the time, you would be surprised.
Journalists are just the same btw. Among professional investors there is this joke that you have to do the opposite from what mainstream media as CNBC are doing. It's funny because it's true. Watch back their video's: they recommended to buy ripple at 2.5 dollar and then made a video how to sell at 70 cent. Just WTF.
Don't listen to CNBC their bullshit!
While there are quite a number of reasons why Steem has not moved upwards as predicted last year, I think the chief reason remains the crash in the price of Bitcoin.
Being the present king of cryptocurrency, it is no exaggeration to state that a fall in the price of Bitcoin will most likely result to a fall in the prices of altcoins, the league to which STEEM belongs.
Consequently, Steem has failed to rise because Bitcoin has refused to rise. So, let's hope that the bull runs soon.