There is a risk if there is investment but there are basic golden rules that we must never forget when investing.
It is the same in everything just like the OP has said. Unless you are making money after getting a proper job if you are just trying your luck and/or so called market analysis to make money then risk will be there.
This rules are more important in the crypto market because prices in the market are much more variable.
Volatility in market is again relative. Current 1m may not such that much if you look at it in the long term. Crypto is notorious for its huge swings in price but that only makes analysis more difficult.
For this reason, it is very important to buy purchases gradually, not to direct all the money at one time investment. To reduce risk it's best to try to find the right time and the right price instead of trying to catch all opportunities.
Truely said, right time and right price is important. Again what can be a right price will vary from person to person. Taking the current bitcoin price quote any dump below the 5k level is a good buy and a dump to 4.5k is a good buy as well. But another person may just be bearish and say no to this.