That's for sure a root and believe me when I say that as closely as you are watching this guy you will be jumpin up and down when it's a spike coming out They look a little different and like to grow up!
Definitely a root. Spikes look more like little mittens when they begin to grow. Roots are a fantastic sign though , it means that your orchid is comfortable in its environment, and that it's happy with the watering and lighting technique you're providing. Hang in there, and before long, you'll have a new spike!