When the market creates an opportunity, one can use that opportunity to prepare for long-term investment. If you look at the history of Bitcoin, you can see that after every bull cycle it touches the previous ATH. But this time the situation turned very bad, the market went down more than the previous ATH. So it was a good chance, those who took this chance in preparation for long term investment are already in profit.
It is certainly a good idea to take advantage of lower prices of Bitcoin when market creates a buying opportunity, but it is also important to remember that past performance doesn't guarantee future performance. Although Bitcoin has never dropped below its previous ATH but this time it happened which vindicates that history is not necessarily repeated every time and solely relying on technical analysis based on historical data may not be always reliable. It is crucial to also consider fundamental factors that can significantly influence the market behavior.