In a nutshell know and act within the means of your Risk Tolerance.
We manage our money and we know the risk under which we are exposing ourselves, but we have to see things from the correct point of view, there are no risks in bitcoin, only if you are going to make a quick investment but that does not make sense, if you buy bitcoin is long-term to make the investment as it is, if I buy today, my investment should be to seek benefits in about 3 or 4 years, but since we are so close to the halving it is a gift that we buy now because it may be that It will rise a lot, in 2024 or 2025, but that will rise, there is no doubt about that, so for me right now it is below $73k? It's a dip for me, is bitcoin going down? It is a dip for me, if it goes down more it is another dip for me, you have to buy in stages to then see the benefits.
Bitcoin may not be so risky like people think of it to be, these has delayed many people who are to invest in Bitcoin. Bitcoin investment would require a bit of strategic knowledge, anyone who invest without even a little knowledge about Bitcoin and its risk management is likely to be under the pressure when the price DIP, seeing his/her investment drop in dollar value, they assume being at loss where as it is the most common attribute of Bitcoin, experiencing volatility. Another factor at which people tend to see Bitcoin as being risky is when they purchase massively at the top of the market, not understanding how the cycle works and seeing the DIP part of the cycle they begin to question if literally it was a good idea to invest in Bitcoin, these has brought the advantages of strategically applying the DCA approach rather than lump buy, likely they have to purchase at regular intervals whereas it falls into a cycle of purchasing a DIP, so the thought of being at loss is ruined and even the investor would be delighted to keep on investing.
No investment is not risky, but when you understand follow the right step of investing, you will be able to lower the risk in it. Just like bitcoin investment, if you know the basics and work with it when investing, the risk will be limited. Bitcoin investment is for a long term like 4-10years and above for you to be able to minimize the risk attached to it. Another risk is when you don't have an emergency funds, and you say that you are investing in bitcoin, it means that you will end up selling your bitcoin at a cheaper price, and run at loss when an emergency arise. Another risk is when you are selling your bitcoin and thinking to buy back in order to double your bitcoin, thinking it is a good strategy to use in increasing your bitcoin. Lastly, is when you think that bitcoin investment is a get rich quick scheme and you invest with the money for important needs.
Any investor that can use 10% of his income to invest on bitcoin using DCA by buying weekly or monthly consistently and have all the necessary funds needed that will make him not touch his bitcoin investment during his accumulation phase and hodli for long, will be happy for the sacrifice he took when he has accumulated enough Bitcoin. Personally, I think discipline, and little price fluctuations are the big problem that most people are having that cannot invest and hodli for a long period of time