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You have to call 29,000 into 49,000 so you are getting about 1.7 to 1 on a call which is favourable.
You have middle pair with a good kicker, which beats middle pair + a draw, or bottom pair and a draw. It also beats flush draws and straight draws.
You are behind top pair, 2 pair, a set and a straight.
He would likely have reraised preflop with any pair to make a set so you can rule that out. Many players would try to value bet instead of shoving all in if they had a straight, so that is less likely. (Although its still possible he is trying to make his hand look like a bluff.)
So the likely hands he has that beat you are Top pair+top pair and draw combinations and 2 pair.
Also take into consideration how much you will gain from the pot if you win. You will have a stack of 78,000 and your opponent will have fallen slightly below that. If you keep folding marginal positions with an ever decreasing M the chip leader is simply going to run over you. If you fold you will have 29,000 and he will have 120,000 or so.
Considering the favourable pot odds, likilihood he is on a draw, your ability to improve(slight edge) and your need to double up I would call.
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