Everyone seems to have strategies, but some of these strategies are a little bit scary. Investing before securing an emergency fund is a total risk on its own, which makes it sound as if some people choose money over their health. If along the line of accumulation, the investor happens to be involved in a tough situation where a large sum is needed, just because there isn't an emergency fund in place, the investor would be forced to spend from his/her investment. Just as you've pointed out, in a situation of bearish trends, things might become very difficult as the entire investment funds might not even amount to anything.

So I think it is best to start both together and secure emergency funds to a decent level before channeling the majority of your investment energy to Bitcoin investment. With the availability of secured emergency funds, there won't be any distraction along the line of continuous accumulation.