i can sure with when BTC drops 10x, the altcoin will reduce 10x or more because of FOMO effecition. but wilt increasing of BTC, i dont know exactly altcoin will rise 10x or not, but you can believe that altcoin will rise up certainly.
Yes, I think your analysis makes sense.
If Bitcoin really goes up by a factor of ten times, other cryptocurrencies estimates will also rise. Only then will there be a lot of cryptocurrencies eliminated.