He said he "needs space" after 3 months — is this a dealbreaker?

I've been seeing someone who seemed really into me, but suddenly pulled back and said he needs space. We were texting every day, going on dates twice a week, and then boom — nothing for 5 days. When I asked what was wrong he said he just "needs to figure things out." I've been here before and it didn't end well. Should I wait it out or cut my losses? I really like him but I don't want to be someone's maybe.