Never effective for someone that claims to be a long-term holder, It hinder lots of opportunities, lots of chances to boost your portfolio, since Bitcoin is volatile it's best to approach it with a strategy like the DCA, with that you don't have to wait before buying with the way bitcoin is going it might likely not dip to the point those who wait are expecting so instead of following that path it's better to buy periodically which offers more effective way of building a portfolio.
While some people think it's best to wait, those who understand better what investing on Bitcoin is all about would be gradually building and getting profits on the long run as the price increases, every true investor know the best approach to a better accumulation it's only those ignorant to what the DCA is all about that ignores it.
I think that one of the main things that has become clear to me over the years, both in my experience with Bitcoin as well as others I have witnessed is that its price history is like a rollercoaster with many ups and downs, as well as emotional moments. Those who stick to persistent saving and disregard the clatter, are therefore likely to fare much better.
When I think of DCA I think of a forest rather than chasing the biggest tree. Seed planting will inevitably result in some products falling during draughts (bear markets) and fruits during rains (bull markets). You do not worry about which seed sprouts in break-neck speed since the entire forest will turn out as powerful and tough.
The urge to wait until you perfectly time the market is tempting, however, it is a trap. As it has always been in the case, Bitcoin all-time highs serve as the starting point in developing future price levels. Waiting until something comes along that looks right and is aitable to reward the risk can cause you to miss the boat altogether. Pound-cost averaging, in turn, diversifies your risk and creates conviction. Many seasoned investors consider Bitcoin as form of insurance, or even a savings account, rather than the speculative investment that it is. The mentality is the same: save whatever you can, leave it HODLing anywhere between 5, 10, or even 15 years, and watch compound positivity and network effects will do their thing. Selling out when the several bull cycles have not run their full course, normally entails leaving money on the table.