Earlier this week, Borderlands fans were hit with excitement after developer Gearbox Software teased a March 28th announcement. Many hoped that the tease was in reference to a Borderlands 3 reveal, but a follow-up teaser suggests that may not be the case.

On Thursday, Gearbox sent out a new Tweet that included a pixelated image that, while hard to decode, featured a clear Borderlands design aesthetic. Much like the other teaser, which featured a billboard and the date March 28th (the date of Gearbox’s PAX East panel), the goal was to give fans just enough info to tease them but not enough for them to know for sure what is coming.

That being said, one fan has taken the pixelated image from Gearbox Software and compared it to a location from Borderlands 2, and the connection is clear. So there are two possibilities, either Borderlands 3 will revisit an area from the previous games or the upcoming announcement is Borderlands 2 related.

Assuming the latter, there is strong speculation that what Gearbox Software is really planning to announce at PAX East is either a Switch port for Borderlands 2 or the rumored Borderlands Game of the Year editions on modern consoles. No doubt, fans would be excited by the prospect of Borderlands on Nintendo’s portable system but that would also be a heavy bait and switch.

This wouldn’t be the first time that Gearbox Software has had fans thinking a Borderlands 3 announcement was imminent, only to leave them hanging. Prior to the Game Awards, Gearbox CEO Randy Pitchford sent out a bunch of tweets that emphasized the number 3, but he was merely trying to get fans riled up.

Whether or not a similar thing is at play here is uncertain. Gearbox Software definitely has something to announce at PAX East but whether or not it is actually Borderlands 3 is up for debate. The only things fans truly have to go on are the fact Gearbox said a Borderlands sequel is in development and that billboard teaser from earlier in the week says “Exit 3.”