With all the volatility in the market, is it a bad time to invest in bitcoin right now?

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No. Whether the volatility makes it a bad time to invest in Bitcoin, is purely based on your trading strategies. If you're an active trader who's good at predicting prices, it's a wonderful time to jump in! If you're looking for some safe growth, I'd recommend waiting a couple months for Bitcoin to either rise more (so you miss the opportunity), die out (you just saved your future life) or Bitcoin is still hanging around the same or a bit lower price, which means you've been lucky.
Anyhow, if you're an active trader: JOIN! If you're looking for some safe & steady growth, GET OUT!
Well with rumors about Amazon accepting bitcoin in October, i have a feeling we might have a huge price spike into the end of this year. Could be a great time to buy now, we pulled back from 5,000 down to 3,000 and now these stable lvls of 3400-3700 could be a good entry especially if we break out higher later today ... But the charts for the daily are still trending downwards. News could change it but well see! https://cointelegraph.com/news/unverified-rumor-circulating-that-amazon-may-accept-bitcoin-by-october
There is never a BAD time to invest in BTC. But there are so many other coins available now, such as AAA COIN (aaacoin.us) for example that give you return on your investment, not just from trading coin.
Any of them could be a scam. But there is a way to find out. Website, whitepaper, contact information. If all those are present, you're on the right track but still no guarantee. Try contacting them if they respond. Try buying one coin, do little investment and see if they deliver. If so, you can buy more. See if wallet is working and coin is transferred to you.
It's never too late. Market will always see ups and downs. Volatility is always an inherent factor of any stock or crypto market. I would wait for btc to adjust and correct its price around the 3 k before buying.. most probably it will happen as now China is taking measures end of this month to shut down all ICOs and btc exchanges and even mining