One thing I noticed today is that while BTC is leading the drop, its drop is the smallest.
I believe this is because many altcoins are only traded against BTC on many exchanges. People sell their alts into BTC, and this dampens the drop in BTC by creating a demand.
However, these sellers are also going to sell their BTC into fiat. Therefore, BTC will not be leading the bounce back.
Otherwise, the possible scenarios are laid out in my previous post.
Great minds think a like. I'm hoping for a lower percentage loss.