Am I investing wrong? I will be putting 70% of my income and savings into the S&P500

right now the stock market is down a decent amount and I think this is a great chance to to buy stocks and hold for the next 5-10 years

I spend 20% of my income and I save the rest, I have an emergency fund.

should I wait more before I invest? should I hold more cash and wait?

is this timing the market or is it just too risky now? I will put the 20% in bitcoin leave it there for the next 10 years put 40% in the stock market and some European companies I researched and the rest will be saved in cash I might put all of that instead in the S&P500 making it 70% though if it falls more

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