I disagree. Unless bitcoin starts to plummet, people are still going to use it as a store of value--and that's only if altcoins don't plummet right along with it, which would most likely be the case.
A reasonable option for most of them for now is to buy stablecoin as a mean of securing capital during bitcoin correction. It is normal when bitcoin experience a correction, the market capitalization of altcoin also experience a correction so that stablecoin become a temporary choice before starting to enter again to buy bitcoin. However, this strategy may not be for long-term holders and only for day or seasonal traders.