I agree. How bad the time is though depends on tether at the end. If tether is not stopped (and I think there is a way you can argue that it is just the same as paper money — as long as we believe it is money it will be; short of the US government stepping in), I don’t think it will be that bad.
In a “normal” correction I would expect alts to benefit in BTC terms AT FIRST and then I would expect the entire space to fall strongly to wash out all remaining weak hands. I would think alts lead that second move down while btc leads the first.
We’ll see. Maybe bitfinex just prints more tethers and voila — new ATH!