diff --git a/cmd/validate/main.go b/cmd/validate/main.go
index a0580967b..d867c767f 100644
--- a/cmd/validate/main.go
+++ b/cmd/validate/main.go
@@ -59,7 +59,6 @@ func main() {
 
 	switch {
 	case vd.OpenAPI == "3" || strings.HasPrefix(vd.OpenAPI, "3."):
-		openapi3.CircularReferenceCounter = *circular
 		loader := openapi3.NewLoader()
 		loader.IsExternalRefsAllowed = *ext
 
diff --git a/openapi3/issue570_test.go b/openapi3/issue570_test.go
index 75afb7e3e..1575e5599 100644
--- a/openapi3/issue570_test.go
+++ b/openapi3/issue570_test.go
@@ -9,5 +9,5 @@ import (
 func TestIssue570(t *testing.T) {
 	loader := NewLoader()
 	_, err := loader.LoadFromFile("testdata/issue570.json")
-	require.ErrorContains(t, err, CircularReferenceError)
+	require.NoError(t, err)
 }
diff --git a/openapi3/issue615_test.go b/openapi3/issue615_test.go
index 67144e9e1..02532bb5a 100644
--- a/openapi3/issue615_test.go
+++ b/openapi3/issue615_test.go
@@ -9,21 +9,6 @@ import (
 )
 
 func TestIssue615(t *testing.T) {
-	{
-		var old int
-		old, openapi3.CircularReferenceCounter = openapi3.CircularReferenceCounter, 1
-		defer func() { openapi3.CircularReferenceCounter = old }()
-
-		loader := openapi3.NewLoader()
-		loader.IsExternalRefsAllowed = true
-		_, err := loader.LoadFromFile("testdata/recursiveRef/issue615.yml")
-		require.ErrorContains(t, err, openapi3.CircularReferenceError)
-	}
-
-	var old int
-	old, openapi3.CircularReferenceCounter = openapi3.CircularReferenceCounter, 4
-	defer func() { openapi3.CircularReferenceCounter = old }()
-
 	loader := openapi3.NewLoader()
 	loader.IsExternalRefsAllowed = true
 	doc, err := loader.LoadFromFile("testdata/recursiveRef/issue615.yml")
diff --git a/openapi3/issue796_test.go b/openapi3/issue796_test.go
index 0900ee5b9..9c8be17f2 100644
--- a/openapi3/issue796_test.go
+++ b/openapi3/issue796_test.go
@@ -7,11 +7,6 @@ import (
 )
 
 func TestIssue796(t *testing.T) {
-	var old int
-	// Need to set CircularReferenceCounter to > 10
-	old, CircularReferenceCounter = CircularReferenceCounter, 20
-	defer func() { CircularReferenceCounter = old }()
-
 	loader := NewLoader()
 	doc, err := loader.LoadFromFile("testdata/issue796.yml")
 	require.NoError(t, err)
diff --git a/openapi3/load_cicular_ref_with_external_file_test.go b/openapi3/load_cicular_ref_with_external_file_test.go
index 7a99e7600..cff5c01fe 100644
--- a/openapi3/load_cicular_ref_with_external_file_test.go
+++ b/openapi3/load_cicular_ref_with_external_file_test.go
@@ -47,6 +47,19 @@ func TestLoadCircularRefFromFile(t *testing.T) {
 	bar.Value.Properties["foo"] = &openapi3.SchemaRef{Ref: "#/components/schemas/Foo", Value: foo.Value}
 	foo.Value.Properties["bar"] = &openapi3.SchemaRef{Ref: "#/components/schemas/Bar", Value: bar.Value}
 
+	bazNestedRef := &openapi3.SchemaRef{Ref: "./baz.yml#/BazNested"}
+	array := openapi3.NewArraySchema()
+	array.Items = bazNestedRef
+	bazNested := &openapi3.Schema{Properties: map[string]*openapi3.SchemaRef{
+		"bazArray": {
+			Value: &openapi3.Schema{
+				Items: bazNestedRef,
+			},
+		},
+		"baz": bazNestedRef,
+	}}
+	bazNestedRef.Value = bazNested
+
 	want := &openapi3.T{
 		OpenAPI: "3.0.3",
 		Info: &openapi3.Info{
@@ -57,6 +70,7 @@ func TestLoadCircularRefFromFile(t *testing.T) {
 			Schemas: openapi3.Schemas{
 				"Foo": foo,
 				"Bar": bar,
+				"Baz": bazNestedRef,
 			},
 		},
 	}
diff --git a/openapi3/loader.go b/openapi3/loader.go
index 452d02ef9..993d1cc98 100644
--- a/openapi3/loader.go
+++ b/openapi3/loader.go
@@ -16,7 +16,14 @@ import (
 	"strings"
 )
 
+// CircularReferenceError is deprecated.
+// kin-openapi will never throw this error anymore, and it's kept for compatibility reasons
+// Deprecated: CircularReferenceError is deprecated.
 var CircularReferenceError = "kin-openapi bug found: circular schema reference not handled"
+
+// CircularReferenceCounter is deprecated.
+// kin-openapi does not use this counter anymore, and it's kept for compatibility reasons
+// Deprecated: CircularReferenceCounter is deprecated.
 var CircularReferenceCounter = 3
 
 func foundUnresolvedRef(ref string) error {
@@ -44,15 +51,9 @@ type Loader struct {
 
 	visitedDocuments map[string]*T
 
-	visitedCallback       map[*Callback]struct{}
-	visitedExample        map[*Example]struct{}
-	visitedHeader         map[*Header]struct{}
-	visitedLink           map[*Link]struct{}
-	visitedParameter      map[*Parameter]struct{}
-	visitedRequestBody    map[*RequestBody]struct{}
-	visitedResponse       map[*Response]struct{}
-	visitedSchema         map[*Schema]struct{}
-	visitedSecurityScheme map[*SecurityScheme]struct{}
+	visitedRefs map[string]struct{}
+	visitedPath []string
+	backtrack   map[string][]func(value any)
 }
 
 // NewLoader returns an empty Loader
@@ -299,6 +300,35 @@ func isSingleRefElement(ref string) bool {
 	return !strings.Contains(ref, "#")
 }
 
+func (loader *Loader) visitRef(ref string) {
+	if loader.visitedRefs == nil {
+		loader.visitedRefs = make(map[string]struct{})
+		loader.backtrack = make(map[string][]func(value any))
+	}
+	loader.visitedPath = append(loader.visitedPath, ref)
+	loader.visitedRefs[ref] = struct{}{}
+}
+
+func (loader *Loader) unvisitRef(ref string, value any) {
+	if value != nil {
+		for _, fn := range loader.backtrack[ref] {
+			fn(value)
+		}
+	}
+	delete(loader.visitedRefs, ref)
+	delete(loader.backtrack, ref)
+	loader.visitedPath = loader.visitedPath[:len(loader.visitedPath)-1]
+}
+
+func (loader *Loader) shouldVisitRef(ref string, fn func(value any)) bool {
+	_, ok := loader.visitedRefs[ref]
+	if ok {
+		loader.backtrack[ref] = append(loader.backtrack[ref], fn)
+		return false
+	}
+	return true
+}
+
 func (loader *Loader) resolveComponent(doc *T, ref string, path *url.URL, resolved any) (
 	componentDoc *T,
 	componentPath *url.URL,
@@ -494,6 +524,8 @@ func drillIntoField(cursor any, fieldName string) (any, error) {
 	}
 }
 
+var errAlreadyResolved = errors.New("already resolved")
+
 func (loader *Loader) resolveRef(doc *T, ref string, path *url.URL) (*T, string, *url.URL, error) {
 	if ref != "" && ref[0] == '#' {
 		return doc, ref, path, nil
@@ -535,17 +567,10 @@ func (loader *Loader) resolveHeaderRef(doc *T, component *HeaderRef, documentPat
 		return errMUSTHeader
 	}
 
-	if component.Value != nil {
-		if loader.visitedHeader == nil {
-			loader.visitedHeader = make(map[*Header]struct{})
-		}
-		if _, ok := loader.visitedHeader[component.Value]; ok {
+	if ref := component.Ref; ref != "" {
+		if component.Value != nil {
 			return nil
 		}
-		loader.visitedHeader[component.Value] = struct{}{}
-	}
-
-	if ref := component.Ref; ref != "" {
 		if isSingleRefElement(ref) {
 			var header Header
 			if documentPath, err = loader.loadSingleElementFromURI(ref, documentPath, &header); err != nil {
@@ -554,8 +579,15 @@ func (loader *Loader) resolveHeaderRef(doc *T, component *HeaderRef, documentPat
 			component.Value = &header
 			component.refPath = *documentPath
 		} else {
+			if !loader.shouldVisitRef(ref, func(value any) {
+				component.Value = value.(*Header)
+			}) {
+				return nil
+			}
 			var resolved HeaderRef
+			loader.visitRef(ref)
 			doc, componentPath, err := loader.resolveComponent(doc, ref, documentPath, &resolved)
+			defer loader.unvisitRef(ref, resolved.Value)
 			if err != nil {
 				return err
 			}
@@ -587,17 +619,10 @@ func (loader *Loader) resolveParameterRef(doc *T, component *ParameterRef, docum
 		return errMUSTParameter
 	}
 
-	if component.Value != nil {
-		if loader.visitedParameter == nil {
-			loader.visitedParameter = make(map[*Parameter]struct{})
-		}
-		if _, ok := loader.visitedParameter[component.Value]; ok {
+	if ref := component.Ref; ref != "" {
+		if component.Value != nil {
 			return nil
 		}
-		loader.visitedParameter[component.Value] = struct{}{}
-	}
-
-	if ref := component.Ref; ref != "" {
 		if isSingleRefElement(ref) {
 			var param Parameter
 			if documentPath, err = loader.loadSingleElementFromURI(ref, documentPath, &param); err != nil {
@@ -606,8 +631,15 @@ func (loader *Loader) resolveParameterRef(doc *T, component *ParameterRef, docum
 			component.Value = &param
 			component.refPath = *documentPath
 		} else {
+			if !loader.shouldVisitRef(ref, func(value any) {
+				component.Value = value.(*Parameter)
+			}) {
+				return nil
+			}
 			var resolved ParameterRef
+			loader.visitRef(ref)
 			doc, componentPath, err := loader.resolveComponent(doc, ref, documentPath, &resolved)
+			defer loader.unvisitRef(ref, resolved.Value)
 			if err != nil {
 				return err
 			}
@@ -649,17 +681,10 @@ func (loader *Loader) resolveRequestBodyRef(doc *T, component *RequestBodyRef, d
 		return errMUSTRequestBody
 	}
 
-	if component.Value != nil {
-		if loader.visitedRequestBody == nil {
-			loader.visitedRequestBody = make(map[*RequestBody]struct{})
-		}
-		if _, ok := loader.visitedRequestBody[component.Value]; ok {
+	if ref := component.Ref; ref != "" {
+		if component.Value != nil {
 			return nil
 		}
-		loader.visitedRequestBody[component.Value] = struct{}{}
-	}
-
-	if ref := component.Ref; ref != "" {
 		if isSingleRefElement(ref) {
 			var requestBody RequestBody
 			if documentPath, err = loader.loadSingleElementFromURI(ref, documentPath, &requestBody); err != nil {
@@ -668,8 +693,15 @@ func (loader *Loader) resolveRequestBodyRef(doc *T, component *RequestBodyRef, d
 			component.Value = &requestBody
 			component.refPath = *documentPath
 		} else {
+			if !loader.shouldVisitRef(ref, func(value any) {
+				component.Value = value.(*RequestBody)
+			}) {
+				return nil
+			}
 			var resolved RequestBodyRef
+			loader.visitRef(ref)
 			doc, componentPath, err := loader.resolveComponent(doc, ref, documentPath, &resolved)
+			defer loader.unvisitRef(ref, resolved.Value)
 			if err != nil {
 				return err
 			}
@@ -718,17 +750,10 @@ func (loader *Loader) resolveResponseRef(doc *T, component *ResponseRef, documen
 		return errMUSTResponse
 	}
 
-	if component.Value != nil {
-		if loader.visitedResponse == nil {
-			loader.visitedResponse = make(map[*Response]struct{})
-		}
-		if _, ok := loader.visitedResponse[component.Value]; ok {
+	if ref := component.Ref; ref != "" {
+		if component.Value != nil {
 			return nil
 		}
-		loader.visitedResponse[component.Value] = struct{}{}
-	}
-
-	if ref := component.Ref; ref != "" {
 		if isSingleRefElement(ref) {
 			var resp Response
 			if documentPath, err = loader.loadSingleElementFromURI(ref, documentPath, &resp); err != nil {
@@ -737,8 +762,15 @@ func (loader *Loader) resolveResponseRef(doc *T, component *ResponseRef, documen
 			component.Value = &resp
 			component.refPath = *documentPath
 		} else {
+			if !loader.shouldVisitRef(ref, func(value any) {
+				component.Value = value.(*Response)
+			}) {
+				return nil
+			}
 			var resolved ResponseRef
+			loader.visitRef(ref)
 			doc, componentPath, err := loader.resolveComponent(doc, ref, documentPath, &resolved)
+			defer loader.unvisitRef(ref, resolved.Value)
 			if err != nil {
 				return err
 			}
@@ -798,17 +830,10 @@ func (loader *Loader) resolveSchemaRef(doc *T, component *SchemaRef, documentPat
 		return errMUSTSchema
 	}
 
-	if component.Value != nil {
-		if loader.visitedSchema == nil {
-			loader.visitedSchema = make(map[*Schema]struct{})
-		}
-		if _, ok := loader.visitedSchema[component.Value]; ok {
+	if ref := component.Ref; ref != "" {
+		if component.Value != nil {
 			return nil
 		}
-		loader.visitedSchema[component.Value] = struct{}{}
-	}
-
-	if ref := component.Ref; ref != "" {
 		if isSingleRefElement(ref) {
 			var schema Schema
 			if documentPath, err = loader.loadSingleElementFromURI(ref, documentPath, &schema); err != nil {
@@ -817,14 +842,15 @@ func (loader *Loader) resolveSchemaRef(doc *T, component *SchemaRef, documentPat
 			component.Value = &schema
 			component.refPath = *documentPath
 		} else {
-			if visitedLimit(visited, ref) {
-				visited = append(visited, ref)
-				return fmt.Errorf("%s with length %d - %s", CircularReferenceError, len(visited), strings.Join(visited, " -> "))
+			if !loader.shouldVisitRef(ref, func(value any) {
+				component.Value = value.(*Schema)
+			}) {
+				return nil
 			}
-			visited = append(visited, ref)
-
+			loader.visitRef(ref)
 			var resolved SchemaRef
 			doc, componentPath, err := loader.resolveComponent(doc, ref, documentPath, &resolved)
+			defer loader.unvisitRef(ref, resolved.Value)
 			if err != nil {
 				return err
 			}
@@ -837,10 +863,6 @@ func (loader *Loader) resolveSchemaRef(doc *T, component *SchemaRef, documentPat
 			component.Value = resolved.Value
 			component.refPath = resolved.refPath
 		}
-		if loader.visitedSchema == nil {
-			loader.visitedSchema = make(map[*Schema]struct{})
-		}
-		loader.visitedSchema[component.Value] = struct{}{}
 	}
 	value := component.Value
 	if value == nil {
@@ -891,17 +913,10 @@ func (loader *Loader) resolveSecuritySchemeRef(doc *T, component *SecurityScheme
 		return errMUSTSecurityScheme
 	}
 
-	if component.Value != nil {
-		if loader.visitedSecurityScheme == nil {
-			loader.visitedSecurityScheme = make(map[*SecurityScheme]struct{})
-		}
-		if _, ok := loader.visitedSecurityScheme[component.Value]; ok {
+	if ref := component.Ref; ref != "" {
+		if component.Value != nil {
 			return nil
 		}
-		loader.visitedSecurityScheme[component.Value] = struct{}{}
-	}
-
-	if ref := component.Ref; ref != "" {
 		if isSingleRefElement(ref) {
 			var scheme SecurityScheme
 			if _, err = loader.loadSingleElementFromURI(ref, documentPath, &scheme); err != nil {
@@ -911,7 +926,14 @@ func (loader *Loader) resolveSecuritySchemeRef(doc *T, component *SecurityScheme
 			component.refPath = *documentPath
 		} else {
 			var resolved SecuritySchemeRef
+			if !loader.shouldVisitRef(ref, func(value any) {
+				component.Value = value.(*SecurityScheme)
+			}) {
+				return nil
+			}
+			loader.visitRef(ref)
 			doc, componentPath, err := loader.resolveComponent(doc, ref, documentPath, &resolved)
+			defer loader.unvisitRef(ref, resolved.Value)
 			if err != nil {
 				return err
 			}
@@ -929,21 +951,10 @@ func (loader *Loader) resolveSecuritySchemeRef(doc *T, component *SecurityScheme
 }
 
 func (loader *Loader) resolveExampleRef(doc *T, component *ExampleRef, documentPath *url.URL) (err error) {
-	if component.isEmpty() {
-		return errMUSTExample
-	}
-
-	if component.Value != nil {
-		if loader.visitedExample == nil {
-			loader.visitedExample = make(map[*Example]struct{})
-		}
-		if _, ok := loader.visitedExample[component.Value]; ok {
+	if ref := component.Ref; ref != "" {
+		if component.Value != nil {
 			return nil
 		}
-		loader.visitedExample[component.Value] = struct{}{}
-	}
-
-	if ref := component.Ref; ref != "" {
 		if isSingleRefElement(ref) {
 			var example Example
 			if _, err = loader.loadSingleElementFromURI(ref, documentPath, &example); err != nil {
@@ -952,8 +963,15 @@ func (loader *Loader) resolveExampleRef(doc *T, component *ExampleRef, documentP
 			component.Value = &example
 			component.refPath = *documentPath
 		} else {
+			if !loader.shouldVisitRef(ref, func(value any) {
+				component.Value = value.(*Example)
+			}) {
+				return nil
+			}
 			var resolved ExampleRef
+			loader.visitRef(ref)
 			doc, componentPath, err := loader.resolveComponent(doc, ref, documentPath, &resolved)
+			defer loader.unvisitRef(ref, resolved.Value)
 			if err != nil {
 				return err
 			}
@@ -975,17 +993,10 @@ func (loader *Loader) resolveCallbackRef(doc *T, component *CallbackRef, documen
 		return errMUSTCallback
 	}
 
-	if component.Value != nil {
-		if loader.visitedCallback == nil {
-			loader.visitedCallback = make(map[*Callback]struct{})
-		}
-		if _, ok := loader.visitedCallback[component.Value]; ok {
+	if ref := component.Ref; ref != "" {
+		if component.Value != nil {
 			return nil
 		}
-		loader.visitedCallback[component.Value] = struct{}{}
-	}
-
-	if ref := component.Ref; ref != "" {
 		if isSingleRefElement(ref) {
 			var resolved Callback
 			if documentPath, err = loader.loadSingleElementFromURI(ref, documentPath, &resolved); err != nil {
@@ -994,8 +1005,15 @@ func (loader *Loader) resolveCallbackRef(doc *T, component *CallbackRef, documen
 			component.Value = &resolved
 			component.refPath = *documentPath
 		} else {
+			if !loader.shouldVisitRef(ref, func(value any) {
+				component.Value = value.(*Callback)
+			}) {
+				return nil
+			}
 			var resolved CallbackRef
+			loader.visitRef(ref)
 			doc, componentPath, err := loader.resolveComponent(doc, ref, documentPath, &resolved)
+			defer loader.unvisitRef(ref, resolved.Value)
 			if err != nil {
 				return err
 			}
@@ -1027,17 +1045,10 @@ func (loader *Loader) resolveLinkRef(doc *T, component *LinkRef, documentPath *u
 		return errMUSTLink
 	}
 
-	if component.Value != nil {
-		if loader.visitedLink == nil {
-			loader.visitedLink = make(map[*Link]struct{})
-		}
-		if _, ok := loader.visitedLink[component.Value]; ok {
+	if ref := component.Ref; ref != "" {
+		if component.Value != nil {
 			return nil
 		}
-		loader.visitedLink[component.Value] = struct{}{}
-	}
-
-	if ref := component.Ref; ref != "" {
 		if isSingleRefElement(ref) {
 			var link Link
 			if _, err = loader.loadSingleElementFromURI(ref, documentPath, &link); err != nil {
@@ -1126,16 +1137,3 @@ func (loader *Loader) resolvePathItemRef(doc *T, pathItem *PathItem, documentPat
 func unescapeRefString(ref string) string {
 	return strings.Replace(strings.Replace(ref, "~1", "/", -1), "~0", "~", -1)
 }
-
-func visitedLimit(visited []string, ref string) bool {
-	visitedCount := 0
-	for _, v := range visited {
-		if v == ref {
-			visitedCount++
-			if visitedCount >= CircularReferenceCounter {
-				return true
-			}
-		}
-	}
-	return false
-}
diff --git a/openapi3/testdata/circularRef/base.yml b/openapi3/testdata/circularRef/base.yml
index ff8240eb0..897a45f37 100644
--- a/openapi3/testdata/circularRef/base.yml
+++ b/openapi3/testdata/circularRef/base.yml
@@ -14,3 +14,5 @@ components:
       properties:
         foo:
           $ref: "#/components/schemas/Foo"
+    Baz:
+      $ref: "./baz.yml#/BazNested"
diff --git a/openapi3/testdata/circularRef/baz.yml b/openapi3/testdata/circularRef/baz.yml
new file mode 100644
index 000000000..fb8c85420
--- /dev/null
+++ b/openapi3/testdata/circularRef/baz.yml
@@ -0,0 +1,9 @@
+BazNested:
+  type: object
+  properties:
+    baz:
+      $ref: "#/BazNested"
+    bazArray:
+      type: array
+      items:
+        $ref: "#/BazNested"