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

BTIG is sticking with its year-end goal of $50,000 on bitcoin, as Tesla’s buy of the cryptocurrency pushed the value above the mid-$40,000 mark.

“It is come a really good distance in a really quick period of time, and we proceed to be optimistic on it,” mentioned Julian Emanuel, chief fairness and derivatives strategist at BTIG.

He additionally cautions that traders mustn’t chase beneficial properties because the cryptocurrency is so risky.

“It is a long-term funding story…We simply do not imagine it is smart for us to get extra aggressive than we already have been, both as strategists or for the general public, investing in a brand new asset class,” Emanuel mentioned.