I bought CRWD in December of 2020, so I've been following for a bit. I don't like to talk about individual stocks too much because the back and forth tends to devolve into salesmanship where people stake out their sides rather than dissect arguments. Anyway, the bull case for CRWD is the same as for a lot of SaaS companies. They are in an arms race with their competitors to become the biggest, the fastest. If they succeed, then they have all kinds of pricing power due to network effects and switching costs. There is an old saying in investing "you only have to be right once." This could be one of those stocks. That's the bull case.
The Bear Case is what we just saw, at least potentially. The software fails and the customers are all pissed off. These customers don't give a shit about switching costs. All they want is to be able to fly their airplanes on time. 100% guaranteed they will blame this on the software vender and switch venders. Maybe potential customers are spooked and the flywheel of growth is broken. It growth is broken, the stock price will also be broken, and most likely the whole thing goes "poof."
In short, I wouldn't buy this stock on the dip, I would only buy it with the extreme conviction that the current problem (and things like the current problem that may happen in the future) won't materially hurt the prospects of the company, and it can maintain something like its current growth trajectory.