Bitcoin’s rally may still have room to run, but the cryptocurrency is likely to face a major pullback in the coming days if history repeats itself, according to analysts at Glassnode.

The largest cryptocurrency has entered a new phase of price discovery as it continues to break all-time highs, putting almost the entire circulating supply of Bitcoin into profit, Glassnode analysts wrote in a Tuesday note. It hit a record high of $91,902 mid-morning Wednesday, up 118% year to date.

Historically, such phases lasted on average about 22 days before a major pullback, when about 5% of circulating supply could be pushed below the initial acquisition price, analysts say.