A woman passes a bitcoin exchange office.

Artur Widak | NurPhoto | Getty Images

BTIG is sticking to its year-end target of $ 50,000 for Bitcoin as Tesla’s purchase of the cryptocurrency pushed the price above the middle of $ 40,000.

“It has come a very long way in a very short time and we remain positive about it,” said Julian Emanuel, chief strategist for stocks and derivatives at BTIG.

He also warns that investors shouldn’t chase profits because the cryptocurrency is so volatile.

“This is a long-term investment story … We just don’t think it makes sense for us to get any more aggressive than we already have been, either as strategists or for the public to invest in a new asset class,” said Emanuel.