Right. Dollar-cost averaging isn't about chasing maximum returns. It's a way to minimize risk by spreading out your purchases over time. Sure, dumping a lump sum into the market might score bigger gains if the price continues to rise. But that's a gamble. If prices later tumble, you could get stuck with some nasty losses.
Chasing maximum profit can lead to big loss, because chasing perfect entry is nothing good. It's super hard to time the market and find perfect entry for maximum profit, or can say impossible.
With DCA strategy, you can average your entry price with as many entries as you can do with your available investment capital, and it's very efficient with Bitcoin because Bitcoin grows very well with time. Your average entry with time will turn to great profit.
I agree that DCA is very helpful to reduce risk. With one bad entry, you can stuck but with DCA entries, you will have an avarage entry price that has double benefit, reducing risk, and increase your ROI, but surely it's not maximize your ROI.
DCA takes the emotions out of investing. You commit to investing a set amount on a regular schedule, regardless of market swings. When prices sink your regular purchases grab more coins. When they rally, your buys nab fewer. Over months and years, it smoothes out your cost basis.
Handling emotional and psychological effects from your investing activities is another good thing from DCA strategy.