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 BTCUSD has entered a new price-discovery phase as it keeps breaking all-time highs, putting almost all of bitcoin’s circulating supply into profit, analysts at Glassnode wrote in a Tuesday note. It hit a record high of $91,902 mid-morning Wednesday, up 118% year to date.

Historically, such phases have lasted an average of roughly 22 days before a major pullback, when roughly 5% of the circulating supply could be pushed below the original acquisition price, according to the analysts.

The current rally has remained at a high profit level for about 12 consecutive days, they noted.

Meanwhile, monthly profit realization has historically ranged between $30 billion and $50 billion before demand saw exhaustion and the rally cooled down, the analysts noted. The realized profits have stood at around $20.4 billion since bitcoin entered the latest record high discovery phase, said the analysts.

“While profit-taking is substantial, it remains below historical peaks, suggesting additional room for further gains before reaching potential demand exhaustion,” they wrote.

Moreover, the current cost basis for new or short-term investors stood at around $66,800, putting the upper and lower statistical bands, or the number’s plus and minus standard deviation, at around $94,900 and $51,600, noted the Glassnode analysts.

If bitcoin approaches the upper band at $94,900, it may highlight “when periods of intense demand are slowing down, and where price is high enough for many existing holders to ramp up their sell-side pressure,” the analysts wrote.