I absolutely believe in dollar cost averaging, along with low cost index investing it’s the best advice for any young person starting out and does well though bull markets where you have periodic corrections.
You can significantly outperform the market though by avoiding bear markets. You won’t get out at the top or in at the bottom but you can avoid the worst of the drawdown. You just need to be disciplined and stick to a strategy. There’s a hell of a difference between a 10% drawdown and a 50% drawdown, you need to gain 100% to get back to even from 50% down.