If bitcoin makes move for price correction around 50 -60k most crypto will downfall specially those altcoins correlation. We can see more all time lows to those alts that has no big moves when BTC reach all time high (2024).
Personally I dont believe BTC can ever retouch $50k-60k again unless it's preparing for the next bearish cycle but I agree that alts in general will get it really bad, the thing is, alt got too much project with overly inflated valuation that could crumble overnight, although people consider recent retracement to be the end of temporary dips, but it's only that way for bitcoin, for alts in general it's still difficult to predict because even alt with no meaningful rally as of now, and majority of them already going back to bottom price, is already having big ALT3 1.36T market cap only a shy of 1.6T from its ATH which means, if BTC happen to enter bearish phase, most of alt gonna get wrecked heavily.
I would argue that it can go even lower if it doesn't have enough fuel for that 120k. Markets reacted to russia attacking Ukraine. How do you think they react to the fact .
Main ones making money in this run is going to be EU weapon producers. Because everyone agrees that EU needs to have their supply line on weapons intact. But no one else is benefiting the heat in EU that Russia will bring, after they take a breath. Because now they are forming a deal, that doesn't in any way prevent them of attacking again. They are making a deal that guarantees them more land and sources.
So why wouldn't they try it again? Crypto will react to this hard and not in a good way. If that don't put bitcoin to near 30k, it's just hinting about the future where bitcoin is less volatile and less interesting. And bright side of that is more volume to altcoins. Downside is more scams and hacks then ever before in the history of cryptocurrencies.