That approach isn't investing per se, it could best be described as gambling. For an investor, it isn't as difficult to put down a few bucks and go your way for a while. If this is investment in the first place, one wouldn't be checking every minute for profits.
You can't compare bitcoin investment with gambling. They are no way the same. Yes, both of them to include risks but luck plays a huge factor on gambling, where as reality plays more role in investing. Again, the risk can be controlled and minimized when investing, but you can't control the risk when gambling. You either get something or lose everything.