Better with a reserve fund, it will be safer and you don't have to think about paying the loan when you don't recover the capital.
There is a complexity between "buying at dips" and "available funds". I mean not all the people are ready with reserve funds when there is a dip in the market. So, it is becoming inevitable for most people to go for loans to make use of dips to maximize their bitcoin stash. I had the experience of buying bitcoin with loan amount. Even that was during the period of bearish markets, I somehow managed repaying the loan from my regular job.
In my opinion, current market scenario may be or may not be the right time for buying bitcoins with loan but definitely if you're buying in bearish trends then there are a lot of possibilities to get cheaper bitcoins but you need to repay your loan from some other resources.
I am glad this worked out for you but we need to be honest, the risk in the market of cryptocurrencies is already very high and doing something like this adds even more risk, things could have gone wrong if you happened to lose your job, and we know this is always a possibility as it does not matter how secure you feel about your job, when something like a pandemic happens all bets are off and anything can happen, so if anyone did something like this during the pandemic and lost their jobs they could be in big trouble.