The velocity measured close to the muzzle won't show any difference due to air density. The velocity measured 100-200 yards down range will be different due to the difference in drag on the bullet due to the air density change. The velocity will decrease slower at altitude. You can try a ballistics calculator on your phone to see exactly what the difference is.
From what I remember from my last trip to New Mexico, the effect was on the order of 4"-6" at 100 yards zero shift for my 9mm pistols using 135 PF JHP ammo. Starting with a pistol zeroed at 800 ft ASL, then going to 6000 ft ASL, the group will be 4"-6" high at altitude, so I rezero to lower the impacts, then when I get home, I have to crank up the elevation again for the 800 ft range.
Joe