I think this is just gambling, and it depends on what asset. Bitcoin? Great strategy, it always goes up eventually, but are you willing to hold for that?

More importantly, what if you miss the bull run and it keeps going up? Doesn't fall means you don't buy.

DCA defeats this but only with BTC.

Altcoins? Trust me, I tried this in 2017. Down 50%? I bought. Then down another 50%? I bought more.

Never went up for 99% of coins, I lost so much precious BTC doing this.