Dollar-cost averaging (DCA) is generally a solid strategy, especially if you're someone who values consistency and wants to avoid the stress of trying to time the market. I think it’s particularly useful for new investors or those who don’t have the time or expertise to analyze short-term market fluctuations. It reduces the emotional risk of investing too much at the "wrong" time and can help smooth out the ups and downs of the market over time.
That said, in a bull market where prices are generally rising, lump-sum investing (where you invest all at once) would often yield better results. But for most people, especially those investing for the long term (like retirement), DCA offers peace of mind and discipline, which in itself can be valuable. So, while it may not be the most aggressive or optimized strategy for all scenarios, it’s a practical and conservative approach for many investors.