Bitcoin Seen Reaching $190K on Strength of Institutional Adoption, Study Says

Tiger Research Puts Bitcoin on Path to $190K Amid Institutional Demand

Bitcoin (BTC) could rally to $190,000 in Q3, Asia-based Tiger Research said, citing record liquidity, ETF accumulation, and new access through U.S. 401(k) retirement plans.

The firm’s model sets a base price of $135,000, then applies a 3.5% fundamentals multiplier and a 35% macro boost, implying a 67% upside from current levels near $113,000.

Institutional demand is building, with ETFs holding 1.3 million BTC and MicroStrategy’s stash surpassing 629,000 coins worth about $71 billion. Retirement allocations could add nearly $90 billion of inflows if just 1% of the $8.9 trillion 401(k) pool shifts into bitcoin.

Still, Tiger flagged risks: transaction volumes and retail activity remain weak, while on-chain gauges such as MVRV-Z at 2.49 and ASOPR at 1.019 suggest mounting profit-taking. NUPL at 0.558 signals healthy positioning, but not yet the euphoria seen at cycle peaks.