Asia-focused Tiger Research has set a Q3 price target of $190,000 for bitcoin (BTC), arguing that record global liquidity, structural ETF demand, and new 401(k) access give the market its strongest setup since 2021.

Tiger’s model pegs a “base price” of $135,000, then layers on multipliers for fundamentals (+3.5%) and macro conditions (+35%) to reach the $190,000 forecast — giving a 67% from this week’s average $113,000.

The report relies on three key drivers. The M2 money supply exceeding $90 trillion, ETF and corporate accumulation now accounting for 6% of bitcoin’s supply, and a regulatory green light that has opened U.S. retirement accounts to crypto.

Trump’s executive order allowing 401(k) exposure adds what Tiger calls “a definitive signal of bitcoin’s transition to a core institut

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