Bitcoin Price Target Raised to $190K as Institutions Drive Demand, Report Finds

Bitcoin Could Hit $190K in Q3 as Institutional Demand Accelerates, Says Tiger Research

Bitcoin (BTC) could climb to $190,000 by the third quarter, according to a new outlook from Asia-based Tiger Research, which cites record global liquidity, expanding ETF flows, and new access via U.S. retirement accounts as the strongest setup since 2021.

Tiger’s model sets a base valuation of $135,000, then applies multipliers for fundamentals (+3.5%) and macroeconomic tailwinds (+35%), bringing the target to $190,000. That implies a 67% rally from bitcoin’s recent average of $113,000.

Three Catalysts Driving the Forecast

Liquidity surge: Global M2 money supply now exceeds $90 trillion.
ETF and corporate holdings: More than 6% of bitcoin’s supply is now locked in institutional vehicles.
401(k) access: A Trump administration order allowing retirement accounts to buy crypto marks what Tiger calls “a definitive signal of bitcoin’s institutionalization.” Even a 1% allocation from the $8.9 trillion 401(k) pool would add roughly $90 billion in demand.

Institutional accumulation is evident. ETFs already control 1.3 million BTC, while MicroStrategy (MSTR) holds more than 629,000 BTC worth $71 billion. Buying via convertible bonds has added structural stability to flows, and on-chain data shows larger transactions dominating over smaller retail trades.

Risks Remain Despite Bullish Setup
Tiger cautioned that network activity has lagged, with daily transactions and active users still below last year’s highs. The report said new innovations like BTCFi could be needed to re-engage retail and expand usage beyond institutional wallets.

On-chain metrics also suggest caution:

MVRV-Z at 2.49 signals profit-taking risk.
ASOPR at 1.019 shows sellers are exiting with only small gains.
NUPL at 0.558 reflects healthy, but not overheated, positioning.

Overall, Tiger sees bitcoin’s structure as institutionally stronger than ever, with ample liquidity and new capital channels supporting upside. But it warned that profit-taking and weak retail participation could limit momentum without renewed activity.