Shorting is a risky proposition I think no matter what market you are in.

Sure, the stock market is probably overbought right now and a correction is due at any time. However, there is no guarantee that your short position would be able to last long enough to be able to make a profit on a crash. Further crashes could simply not come until much later, you never know.

But I would certainly seek to diversify into other assets if the majority of my wealth is tied up in stocks at the moment, including diversifying into bitcoin. It's only a matter of time before the bear market comes in shares imo.