I can't think of any altitude factor related to different atmospheric pressure and air density that would account for higher or lower chamber pressures and MV. I've read posts from seasoned shooters that claim to have observed MV change with elevation. No poster has identified the cause, or if they know the cause, they've not communicated it.
Could MV change with changing altitude be air density related? No, air density won't cause a significant change in MV over the distance from the muzzle to the chronographs, and even if it did, correcting the chrono velocity back to the muzzle will factor in the actual air density if the correction if performed properly. If a MagnetoSpeed is hung off the muzzle, the only length of bullet travel in the differing air density is the barrel length. Not enough to register on a MagnetoSpeed.
Could MV change with changing altitude be oxygen availability related? No, gun powder and primers contain their own oxidants. Atmospheric oxygen isn't utilized.
Could MV change with changing altitude be temperature related? Possibly, if temperatures change substantially, power burn rates can change, bore diameter can change, and the bore to bullet friction can change. But any temperature affects should be the same regardless of the altitude. In other words, the causative effect on MV would be temperature related. Not altitude related.
None of the posts I've read claiming "altitude" affects MV were ever posted by a researcher, or anyone else that claimed to have set out to conclusively measure altitude caused changes in MV. Based on the content of the Posts, they were all based on anecdotal evidence.
From Wikipedia:
Anecdotal evidence is evidence from anecdotes. Where only one or a few anecdotes are presented, there is a larger chance that they may be unreliable due to cherry-picked or otherwise non-representative samples of typical cases.[1][2] Anecdotal evidence is considered dubious support of a generalized claim; it is, however, within the scope of scientific method for claims regarding particular instances, for example the use of case studies in medicine.
Introduction
In all forms of anecdotal evidence, its reliability by objective independent assessment may be in doubt. This is a consequence of the informal way the information is gathered, documented, presented, or any combination of the three. The term is often used to describe evidence for which there is an absence of documentation, leaving verification dependent on the credibility of the party presenting the evidence.
Scientific context
In science, definitions of anecdotal evidence include:
"casual observations or indications rather than rigorous or scientific analysis"[6]
"information passed along by word-of-mouth but not documented scientifically"[citation needed]
Anecdotal evidence can have varying degrees of formality. For instance, in medicine, published anecdotal evidence by a trained observer (a doctor) is called a case report, and is subjected to formal peer review.[7] Although such evidence is not seen as conclusive, it is sometimes regarded as an invitation to more rigorous scientific study of the phenomenon in question.[8] For instance, one study found that 35 of 47 anecdotal reports of drug side-effects were later sustained as "clearly correct."[9]
Anecdotal evidence is considered the least certain type of scientific information.[10] Researchers may use anecdotal evidence for suggesting new hypotheses, but never as validating evidence.
I view the claims that altitude changes rifle MV in the same category as the once long held belief among many experienced shooters and riflemen that some rifles, with some bullets, are capable of improving precision at longer ranges. Improving precision would mean either smaller measured group sizes farther from the muzzle, or lesser group sizes expressed in smaller units of angular measurement farther from the muzzle. Brian Litz effectively put this claim to rest when he devised a method to test these claims empirically, by measuring the same fired bullet groups at closer range, and then again at a farther range. He couldn't demonstrate this claim. He challenged anyone who believed they possessed a rifle / bullet / load combination that displayed improving precision at greater distances to travel to Michigan, where he would test the rifle on his shooting range. Brian would fund all associated expenses to anyone that produced such a rifle on his shooting range which demonstrated improving precision at increasing range. This was close to 2 years ago and the Thread went stale long ago with no one reported to have provided Brian with a rifle for testing. This long held belief was based exclusively on anecdotal evidence and word of mouth stories passed along over the years. It was repeated by knowledgeable shooters so often, for so long, that it was accepted as proven fact. As soon as Brian developed a scientific method to test this anecdotal evidence-based claim, the claim was damaged beyond salvaging.