I think there's no direct correlation however, as in the case today, altcoin is slumping because people are selling them to get free coins. There are a lot of instances in the past, but there also history when both markets really enjoy a price surge. So its not same to assumed that they have some kind of correlation. Let's wait after Oct. 25, and observed that once their is a dump on bitcoin, altcoin should rise. Though this market is really hard to predict.