Okay, so I've know my teacher since I was a freshman, and he was my boyfriends U.S. teacher and we got along instantly. But over the years we've grown closer and I had him as a teacher a few times and we shared laughs and such. At first we jokingly said that he was my long lost father but I began to really see him as someone I could be with, however he's 46 and I'm 17. I'm convinced though that he likes me too because he trusts me and tells me I'm pretty all the time. There are also those tell tale awkward moments between us that individuals share when they're crushing on each other seeing as we share an immense amount of alone time together. I mean maybe I'm crazy and this is just something I should abandon but I want to see if there is any reason why I should stay and pursue this.

Either way, you should wait until you are legally of age and no longer his student before you try to make any move towards him.
Ladies, understand. They're being friendly teachers. They don't want you, they don't want a relationship with you. You want them, so you think that means that any positivity they bring to you, in your mind, is them trying to lead you in to a relationship area.
He doesn't want you, you want him.
Grow up, ladies.
I still don't think it happens. There are more females that think their teacher "likes" them that there are actual teachers that "like" their students.
And i just ment by definition, someone you spend time with, are close too, have deep conversations with, stays at your house, but you don't have sex with is just a perfect desciption of a friend.
On the original point I think it's best to not pursue this. I'm not saying that age is an issue in the way that you should stick to people your own age but in the way that realistically, I think there exists a barrier of different interests and the way you live your life. I doubt you would share many interests and hobbies or understand each other at the same level. You'll be out of class earlier, playing and living out your youth while he gets off work a bit later and has papers to grade and lessons to plan. If you decide to pursue this feeling, just be sure to make the right choices. If you are inexperienced in relationships, just do what feels right. As in every relationship, don't feel pressured to do anything you don't want to.