I think it is important to zoom out a little bit too. We're at $80K right now, which is a pretty insanely high price historically. There hasn't been that much time Bitcoin has spent above that level in it's lifetime. I think it is important to think of things long term so that you can take a long term investment view. Rather than trying to catch bottoms or make a big profitable trade, focus on how much you can regularly buy and stack coins over a long period of time. This won't burden you financially and will remove the guesswork of timing the market.
Yes, Bitcoin is still at a historically high level, but it is currently very cheap compared to its future potential. Bitcoin has spent most of its time below this level, that is right, but no one can deny that Bitcoin has the potential to be much more valuable in the future.
It is not impossible that Bitcoin will cross $1M in the future, so the current price is definitely small compared to $1M. Therefore, in terms of long-term potential, Bitcoin is not valuable right now, and therefore an investor must think long-term. Bitcoin is much riskier if you run for short-term profits, but the potential for profit in the long term is much higher.