That is a wrong strategy, at least from my experience, you don't need to wait for the price to go deeper, as the market is very hard to time. And you have to think of it in the long term, if you have that kind of mindset, then obviously, you will buy every time that there is a dip in the price as this is a golden opportunity to buy cheap Bitcoin. And if you uses DCA then that is a fool proof strategy and you will not going to lose in the long term.
And speaking of the price, it's just very volatile. Just last week the price seems to go up and we are looking to like $120k as our next stop. But then after the big news about the Fed rate cut, and the following settling it down, the price goes down hard and we are in a correction, which is a healthy one as have a strong support around $110k and I don't think that we will go down that low.
Any update from the feds will drive the prices crazy. This is nothing new as we have seen this happen a lot of times in the past as well. Prices will bounce back quite soon and a lot of people will again miss the opportunity to buy the dip. OP surely is in a great time where he can accumulate as much as he can and plan for holding it for a longer time.
For short time, yes we can still see some downfall but usually long term investors won't think about it and will take it as a buying opportunity. OP has already invested close to $1k and if he continues to do so, he will accumulate a decent amount of bitcoins. This is going to show some positive growth as we are for sure expecting bitcoins to hit $120k anytime soon.