Sorry about your ugly experience with Bitcoin, but next time, you should be more careful. You may not even need the hard wallet, but keep your Bitcoin in multiple wallets. So that if one gets compromised, others will still be there for you. But if you are storing a huge amount of money, going for the Trezor Safe 3 may be a very good option. Still, make sure that you are careful about keeping your wallet, otherwise, it will be a waste buying the gadget.
As for the coming back, you are welcome, but ensure you are rather speculative than having the urge to invest itself. Know how to read your chart and make informed decisions. If you did, you will realise that now is not the time to invest in Bitcoin, the overall outlook is negative, so waiting is the best approach here. Some people may tell you to DCA, but my brother, don't answer them, you could suffer more loss before it gets better, so why not wait? For Bitcoin to have breached $62,120, it may move seriously lower and $50,000 is no longer safe again.
Yes you are right it is smart choice to be careful when investing in Bitcoin. And to reduce risk keep Bitcoin in multiple wallets. If we have a lot consider a safe option like hardware wallet. But even with safe wallet we still need to be careful. Before investing we should take time to learn and understand the market. Some people might say to invest little at a time DCA but it's better to be cautious and avoid losing more money. Bitcoin price might drop even lower so it's important to wait for a better time to invest. But if we will use the DCA method so it is not important that where the Bitcoin is and what is the price of it.
Holding bitcoins in multiple wallets is also a risk because of the pressure we will need to store more seed phrases, so using multiple wallets to store bitcoins is not a perfect solution and think it will make us safer.
How low can Bitcoin go and what is a reasonable price for OP to start buying if not now? Do you both have proof or any guarantee that this bitcoin correction will cause it to drop below 50k$? If you two give him advice to do his own research and research before investing, then don't give him advice about the better time to buy bitcoin. Let him do his own research and make his own decision, and I will support the DCA idea.