Tiger Research Forecasts $190K Bitcoin on Institutional Tailwinds
Tiger Research projects bitcoin (BTC) could climb to $190,000 in Q3, driven by record global liquidity, ETF inflows, and the opening of U.S. 401(k) plans to crypto.
The firm’s valuation model assigns a base price of $135,000, with multipliers for fundamentals (+3.5%) and macro conditions (+35%) lifting the target to $190,000 — a potential 67% upside from current levels.
Key drivers include M2 money supply above $90 trillion, ETFs and corporate treasuries holding about 6% of bitcoin’s supply, and Trump’s executive order granting retirement account access to crypto. ETFs already control 1.3 million BTC, while MicroStrategy owns more than 629,000 coins worth $71 billion.
Tiger noted, however, that network activity is lagging. Daily transactions and retail participation remain subdued, with on-chain signals mixed: MVRV-Z at 2.49, ASOPR at 1.019, and NUPL at 0.558 point to a market positioned for further gains but vulnerable to profit-taking.
