First impressions count. Think of all the people who caught the FOMO get-rich-quick virus in December 2017, and got shorn like the sheep that they arewho lost real money that meant something to them. Are they ever coming back? Im not the first to suggest that that precious bull run set back mass adoption for years.
You're late and you wait, or you keep on hodling. One is not shorn buying bitcoin; one is shorn by selling for less than one paid. Ask JJG. IIRC he started buying well up into the Nov '13 horrible dangerous bubble. #stronghands
True. I started buying at the high in November 2013, so that first BTC that I bought was not consistently profitable until around March/April 2017 - around 40 months (3 1/4 years) later.
There are probably NOT very many people who would inject everything into an asset at the top - or at least I had not taken that approach, so even though my first BTC cost my $1,200, by the time early 2017 came along, my average price per BTC (counting all my BTC purchases) was less than $500 per BTC - even though my sim port hack situation in early 2017, caused my average price per BTC to go up to about $750 per BTC.
Long term conviction helps. Not investing more than you can afford to lose helps (which might be another way of saying willingness to ride the investment to zero). It also helps that ultimately the underlying asset did go back up in price... both above my average price per BTC ($500/$700) and also above the price of the first purchase ($1,200) - even though DCA'ing would not have required for BTC to go back above that original $1,200 price in order for the average cost per BTC of my whole investment to have turned into a profitable status anywhere above $500 or alternatively above $750 (if counting the cost of the hack).
With that many cycles in the books, as well and several alt runs, There is actually something to research now.
Helps to have been in bitcoin for a few of the cycles, as you suggested, explorer.. so being in bitcoin for a few cycles seems to give more options in terms of profitability... but also there is a track record, too.. as you also acknowledge.