I feel that altcoins aren't going anywhere soon. What i personally imagine happening is a mix of these two possibilities. A few coins hardest hit will begin to falter as their support is drained away, then everything will be divided by the survivors. 2/3 to BTC (as its the safer bet and investors will be skittish after such a big drop) then the rest to various altcoins (because the low prices will cause a buying frenzy for those investors not frightened off to BTC).