I think you are best to view an investment in BTC in the same way as any other high risk investment option. If you view BTC as have a good potential for growth over the medium to long term then the best strategy, in my opinion, is to consider your appetite for risk and then assign an appropriate amount of your overall portfolio to BTC depending on that eg:
Low risk: 1%-5% of portfolio in high risk investments Medium risk: 5%-10% " " High risk: Over 10%
Then you should drip feed your investment in so that you smooth out any large changes in the market.