Both are possible, it is just that since we have no way to control the events that happen around us, being too aggressive in our investment strategy can be very detrimental, if we find ourselves facing a difficult set of circumstances.
So the safest path is to build your emergency fund and only then begin to invest in bitcoin, however such an approach has an opportunity cost and you may miss buying bitcoin at an attractive price, so I can understand why you may prefer to take a hybrid approach.
I prefer to buy Bitcoin at an attractive price, namely when the price has fallen or is still in a fairly low area historically for several months. However, the investment approach as you say is also very good because everyone is required to have an emergency fund even though the fund is not used often every day. But I actually prefer to buy Bitcoin first, even in a smaller amount, rather than preparing a larger emergency fund because I like holding Bitcoin even if the amount is not that much. Because preparing an emergency fund also takes time and it could make us miss the best price on Bitcoin so that we don't have time to buy at a more attractive price.
Your strategy for buying Bitcoin are more like a some worth trading strategy, it is mostly traders that prioritized buying Bitcoin when it is relatively low or fallen (drop), in as much as buying when the price is relatively low or has fallen can be good as it gives the opportunity of buying more Bitcoin with the same amount of money used to buy lesser Bitcoin from its previous high, buying at any price point doesn't really make much of the difference if the plan is to hold for a long term, am actually wondering what could possibly be your definition of best price on Bitcoin and buying at a more attractive price? Timing the market condition can become very problematic for an investor who is still new in the market that is meant to be sizing every opportunities that shows it's self in the market in order to accumulate as much as possible up to reasonable amount of Bitcoin, with DCA strategy you are always there in the market on time without any form of timing the market condition buy making purchase of Bitcoin irrespective of the price point either weekly or monthly with as little as comfortably you can. Outside making reference to building emergency funds towards achieving our investment goal and objectives, generally emergency funds is very important in life since everyone is prone to encounter unforseen circumstances making provision for it is also very essential.
No, I disagree on what you are trying to say here that buying the deep, when the price is relatively low are meant for traders, no I disagree, to me, buying the deep is just one of the strategy of accumulating Bitcoin and getting a very large numbers of it at a very cheap price if you have the financial leverage to do so, that doesn't change the fact that the DCA accumulating strategy is the best, because you buy and accumulate Bitcoin base on how much you can afford either weekly or monthly, but you saying that if an investor decide to invest by buying only the deep looks like trading, no bro, that is what I majorly disagree on.
Lastly, the point you raised can only be valid if the person is not a long term holder or someone that sell at any slight increase in the value of Bitcoin, if not that, then I disagree on you point.
That actions like waiting for the dip then acquired is really a decision to make by traders and not by holders so if they really want to make their plans to succeed on their hodl plans or investment with bitcoin then maybe much better for people to forget about the dip and acquire when they have extra cash to spend for their investment. Although I really get where they came from especially if they talk about buying at the dip since they are thinking about that they could even earn a lot more if they could do that and acquire more volumes but its hard to determine on when does event will happen and there might be a changes of decisions if we don't spot that one which could affect our investment.
That's why its better to continue to do DCA then accumulate regularly or depends on your capability so that everything will be smooth towards your plans and no any trading schemes will affect our focus on our plans.