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.
In deed it is a good idea to take advantage of lower prices of Bitcoin when market creates a buying opportunity to book significant potential profit in future, 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.
The market repeats its cycle but many times painful situations are created in the market to shake out the panic sellers. And that situation is seen after the last bull market, this bear market has bankrupted many big companies.
In investing, one has to be aware of the market conditions, otherwise the expected results are not seen later. Therefore, in order to invest, it is important for an investor to look at the market conditions as well as the future potential of the market.