So far, this has been true objectively.  But subjectively, this certainly has not always been the case.  If you have the willingness/ability to hold no matter what happens, then bitcoin investment has been profitable at any level below ~$5800, where we are right now.  However, if you've gotten caught up in a panic and dumped your holdings, the point at which you invested was obviously bad for you.  In any case, we also have to consider that there may come a time when bitcoin price will not recover.  I don't think we're there yet, but I think it’s still important to be careful where you buy in.