Im seeing btc as an indication if we are already in bear market or its just a simple correction. We know most altcoins are following the movement of bitcoin, therefore the price depends on how bitcoin will perform though some alts are behaving differently.

If there's a consistent price declined (about 50-60% of the price), the market is bloody, then we can say we are in a bearish trend already. It happened before and history might repeat itself but its not a situation to be worried about since thats one of the nature of crypto. But it doesnt mean it will stay that way forever, just be prepared and be used to it because its inevitable, sooner or later it will happen.