Buying Bitcoin steadily through the worst stretch of the last cycle worked out very well, which is good news for long-term holders and bad news for people who panic-sold.

• A simple plan of buying Bitcoin every week for 30 straight weeks in 2022 is now up 446%.
• Those buys all happened while Bitcoin traded below its 200-week average and most people wrote it off as finished.
• That period was full of blowups — the Luna collapse, the Three Arrows Capital failure, and the FTX bankruptcy.
• The lesson: the weeks that feel the worst tend to be the best times to buy.

Outlook: Expect the same argument to be made the next time Bitcoin drops below its long-term average and sentiment turns ugly.