ETFs are still buying bitcoin every day, they don't seem to care about the price and they are buying billions of dollars of bitcoin. Is it good advice to say that this is not the time to buy and to wait for the bear season to come? Does this cycle always repeat itself? What can we rely on to be sure of this? Instead, why not use the DCA strategy if we intend to invest in bitcoin for the long term?
Of course, anyone who sold bitcoin cheaply in the past would regret it and if we were in their shoes, we would regret it as much as they do now. I even believe you would have called bitcoin a scam if someone introduced bitcoin to you 10 years ago. Because you believe that the price of bitcoin can increase to hundreds of thousands of dollars in the future but you also dare not buy bitcoin at $80k, you certainly would never buy bitcoin if it was priced at $1 many years ago.
You are right if consider another scenario where the cycle won't repeat then not buying now can be a big mistake but to be honest do you think this scenario will take place? I don't think even if this time BTC made ATH before the halving and meme coin hype came before the ETH and ALT coin hype and things are not really following the pattern as they used to follow in the last 4 halvings. But that's a big if in my sight.
We can't just rely on these ETFs but there are whales too, some whales are more than 10 year old and now they are moving their BTC just to sell them this surely won't make a big dump like in past it used to but something big will happen that will dump the market.
For the long term like if you are making an investment for next halving then buying at CMP is not a bad idea as profit will be made at last.