Wanderers are currently 11th with 30 points and in a much better situation than this time last season, when they were in real danger of relegation.
However, they have slipped from seventh at the end of November - when they were just five points outside the Champions League places.
A run of just 13 points from a possible 39 has damaged their European ambitions - but Steinsson has urged his team-mates to make one last push in their final 10 matches.
"We went on a great run in November but we knew December and January would be really hard games against the top teams," said the right-back.
"We didn't get as many points as we wanted and we got sucked back in but we've been improving this season and we want to go as high as possible.
"Forty points will give us some breathing space, especially as it was so hard to reach that many last season.
"But this season we can go higher because we've got the ability and players to do that.
"There is not much of the season left so the break (for last weekend's FA Cup matches) has given us a chance to recharge the batteries and prepare for the last couple of months. The players are ready now."
Bolton's home form will be crucial and Steinsson feels they have to make the most of their remaining five matches at the Reebok Stadium.
That starts on Saturday against Fulham, one place and one point above them, and the club are doing everything to encourage a big crowd by hosting their inaugural Ladies' Day.
Prices have been slashed to just £10 with 50% of ticket sales to women donated to cancer support charity Look Good Feel Better.
"It's a long season and the further you go, the harder it gets," the 27-year-old Steinsson told Wanderers World.
"Every game is really competitive and when you are playing at home it helps you find that little bit extra.
"It keeps you going when thousands are cheering for you and we need that from our fans and hopefully they will be there on Saturday."