As Bitcoin is steadily approaching its all-time-high, it's a good idea to have a look at the bigger picture, so we can guess this is not 2017 all over again. Have a look at the price charts and the order books. What do we see?

Charts

As happened in 2017, we have a sharp non-stop surge taking BTC from $13,000 to $19,400 in just a few days. People keep buying like crazy as if there won't be any BTC left, or no BTC will be mined tomorrow. Under what expectations are those people buying their Bitcoins? Why do they believe Bitcoin will keep going up for ever - and thus its current price would be justified?

Order books

Taking a look at the transactions, you can easily see who is buying: novice retail 'investors' with very limited capital resources. Pretty much is poor people looking to make a quick buck. This is not sustainable. These people will be the first to sell, dragging Bitcoin lower than all technical analysis would normally predict. Most transactions are for $20-100. Some are for $2,000. You might see one transaction here and another there for $15,000-$20,000. That's it. Those who are selling are mostly professional investors. And when it is about money, professionals know better than first-timers.

It's regrettable, but it looks this is 2017 all over again.