Yes and No, there is still a lot of uses for Bitcoin but until Zcash "replaces" Bitcoin it's hard to tell at the moment. All of the other coins except ethereum will drastically go down due to ethereum's main purpose of smart contracts and apps etc. the whole reason ethereum was built is something Zcash and Bitcoin will never be able to do.
You could put a small short on Bitcoin and hedge to make a huge gain if it goes down drastically but watch as both Zcash and Bitcoin go up in price it's almost like they were made for eachother in a sense.
But the day we are able to use Zcash as we can Bitcoin is the day you place all bets on a short "fortune" once you can buy a Lamborghini in Los Angeles with Zcash like you currently can with Bitcoin, Short BTc