It’s often said that history repeats itself but fortunately for bitcoin investors it has yet to do so, as the cryptocurrency continuing to surge to record highs over the New Year’s weekend period.

Bitcoin continues to break records, surging through the $30,000 mark on Saturday, having previously passed through $28,000 Dec. 27. The rally didn’t stop there, however, and bitcoin peaked at $34,366.15 at 2:59 a.m. EST Sunday before settling at $33.221.32 as of 10:18 p.m. EST.

The last bitcoin rally peaked just short of $20,000 Jan. 1, 2017, then was followed by a precipitous decline in the price of the cryptocurrency, which eventually bottomed out at around $3,360. This rally appears to be surging ahead, although like the price of bitcoin itself, things could rapidly change.

It’s argued that the bitcoin rally this time is different thanks to institutional investors getting involved in the market. Nathaniel Popper from the New York Times wrote in November that this time has a “very different feeling to it than the last time around,” arguing that bitcoin is being treated as an alternative asset by U.S. investors. But that doesn’t necessarily explain the rise through $30,000 since that time.

“Even the most bullish of bitcoin advocates could not have foreseen such a meteoric rise in price in such a short space of time,” Marcus Swanepoel, chief executive of cryptocurrency firm Luno, told the Financial Times. “But the pattern we’ve seen in the build up to this milestone — a consistent increase, rather than one sharp spike — sets bitcoin up extremely well for this year.”

Some experts are wary of a price correction, however.

“Ultracheap money pumped in by global central banks has found its way into many assets, including bitcoin,” said Hitesh Jain, vice president of research at Yes Securities Ltd. “We are in a scenario where safe-havens and riskier assets are all rallying simultaneously, which is a theoretical contradiction. It has become like hunting with the hounds and running with the hare.”

Others are more positive. Tom Lee from Fundstrat said in an interview with CNBC Dec. 30 that he believes that bitcoin could surge around 300% in the year ahead, hitting levels of $100,000 or more.

Image: NASA