I think this is the best time to invest in alt coins because the prices are very down and mostly investors are busy with bitcoin due to ETF approval. Once they are done with getting profit from BTC, altcoins will come into consideration. I have seen charts of different altcoins and the majority are down significantly from their peak price, if they touched even half of that price you can earn huge profit.
I think not very down because we aren't still in another bear yet. We will need to see a bull run first before it happens. What only happened can be a correction for the mini pump that we experienced. It does not mean though that investing is now bad, especially in altcoins. We can even invest at any time. That taught us the method of DCA.
It maybe true that many are busy with BTC and not only because there is an ETF but it was the main coin. There are still who thinks that alts will benefit on the pump of BTC, so they don't disregard it. Once people are done selling their BTC, they will surely switch on alts next. So before it dumps, make sure we are first to do it.