I think BTC is in that channel, though I disagree that it has to drop at all. It does indeed look like ETH, and indeed all the alts may well lead the next charge ahead of BTC. Honestly I am surprised that BTC made it back to over 50% dominance, it did not think that it would, it is only because the alts have been massacred so badly that this is the case. Of course this means that the alts are going ultra cheap, and many of them are fantastic coins, which in turn means they should fly upwards once positive sentiment settles back into the market.