Yes, but the Altcoin market is not fucked yet. And I don't think it will be for a while. As long as people are willing to (a) Trade altcoins to BTC, and (b) willing to back another altcoin (Litecoin seems the most likely choice atm, although Doge seems to be making somewhat unreal progress), GPU Scrypt mining will be profitable, even if not to the degree that the early gold-rush of BTC mining was.

Or maybe we only need to hold hodl and wait?

Rit.

EDIT: Unless you have serious money to invest don't go near ASIC Bitcoin mining at this time. Too volatile, and it's a minefield of scammers.