Are there any disadvantages of selling your altcoins at a 70% dip (from its all time high in Dec) to buy in at bitcoin right now (temporarily) if you are currently bullish on bitcoin. Then when the altcoins start to rise, to sell the bitcoin and go in to altcoins? for maximum profit. Does this question make sense?
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No there aren't any disadvantages except your altcoin might be one of the ones that is beat up more than others in which case it might be fine to hold - it all depends on the scale of its fall and if there is any sizable support nearby. You don't want to fall victim to sunk cost fallacy - only make decisions based on what you personally expect to have happen moving forward. Although I'll caution you and say that selling low to buy into momentum is a fairly decent way to get burned, which is why I prefer being part of Group 1 than Group 2.