Tiger Research predicts Bitcoin's Q3 target price of $190,000, and a short-term correction may occur

Tiger Research released a Q3 2025 Bitcoin valuation report, predicting a target price of $190,000, with a 67% upside potential from the current level. The report points out that the main driving forces are the accelerated institutional adoption of Bitcoin, the record high global liquidity, and the opening of US 401(k) retirement accounts to Bitcoin investment. In addition, institutional holdings continue to increase, and ETFs already hold 1.3 million BTC, accounting for approximately 6% of the total supply. Although on-chain indicators show that there may be a short-term pullback, institutional buying provides strong price support, and the long-term trend remains positive. Related reading: Target $190,000, Bitcoin Valuation Report for the Third Quarter of 25