Bitcoin is headed higher long term, but don't chase now on Tesla buy, BTIG strategist Emanuel says - CNBC

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A woman passes in front of a Bitcoin exchange shop.

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BTIG is sticking with its year-end target of $50,000 on bitcoin, as Tesla's purchase of the cryptocurrency pushed the price above the mid-$40,000 mark.

"It's come a very long way in a very short amount of time, and we continue to be positive on it," said Julian Emanuel, chief equity and derivatives strategist at BTIG.

He also cautions that investors should not chase gains now since the cryptocurrency is so volatile.

"This is a long-term investment story," he said. "We just don't believe it makes sense for us to get more aggressive than we already were, either as strategists or for the public, investing in a new asset class."

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Bitcoin is headed higher long term, but don't chase now on Tesla buy, BTIG strategist Emanuel says - CNBC
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