If you invest long term but avoid Bitcoin then I would say your investment is incomplete. Bitcoin must be preferred as an investment platform if you are thinking of long-term investment. Outside of Bitcoin I don't see any coin that can be invested in for a long time. Bitcoin has always been the best coin to invest in for as long as I have known about investing.
I have been investing in long term plans for a long time and my investment platform is Bitcoin. I held my investment as well as purchased bitcoins in several steps. I bought some bitcoins when the price of bitcoin was $22K, then I bought some bitcoins when the price of bitcoins came to $25K, then I bought some bitcoins at $28K, and then I bought some at $35K.
That is, even though the price of Bitcoin has changed in these few months, I have invested in Bitcoin regularly. The reason I invest in Bitcoin during these periods of Bitcoin price volatility is to hold my investment for the long term. The price of Bitcoin is now around $45K and I have not stopped my investment at all at this point but I will be buying several more Bitcoins in a few days.
Many may dissuade me not to invest at this time but I will invest at this time because I have faith in the market and my investment is in long term plan.
Actually investing in bitcoins should be done like you do. Maybe there are many people who bought Bitcoin when it was $25-30k, maybe they sold Bitcoin in this short bull market and maybe they hope to buy Bitcoin again when the market goes down. Those who think like this should keep in mind that Bitcoin prices may not go down any further.
I had a friend who bought bitcoin when it was 27k. But he came to me for advice to sell after seeing bitcoin price at $44k, I told him to hold for another 1-2 years. But he didn't listen to me and finally sold the bitcoins, he will wait again when the price of bitcoins goes down and buy again.
Those who couldn't handle the greed sold Bitcoin in this short bull market. Those who cannot control their greed in this small bull market will not be able to make much profit. At this time Bitcoin should be held patiently without selling. Bitcoin halving next year, we all know after bitcoin halving bitcoin price goes up a lot. So do not sell bitcoins and hold them at this time.
That's one of the challenges most panic sellers normally face, at first there intentions will be for holding and as time goes by and they feel that if they sell there Bitcoin now they could realize some profits and wait for the Bitcoin price to drop again before they can start accumulating again, without knowing that is a wrong strategy for investment.
If I'm not mistaken your friend could be a beginner because that's what most beginners who just started accumulating Bitcoin normally do, because I have actually had similar experience with someone close to me whom accumulated a good amount of Bitcoin through the money they paid him on a contract he did so he was looking for an investment to put the money so he decided to channel all the money to Bitcoin when the price was $34k and it was not too long Bitcoin price hit $40k and when he saw the profits on his wallet he started panicking that he wants to sell before the price will drop, so however I told him Bitcoin doesn't work the way he thinks, and the next morning he told me he has sold the Bitcoin with the intentions to buy back at the price of $39k, so I just told him he has made the greatest mistake and since then Bitcoin price has been seriously moving and when he saw the current price now he began to regret.