Tiger Research predicts that Bitcoin could reach $190,000 by Q3 2025, bolstered by factors such as global liquidity, demand for ETFs, and access to cryptocurrency in 401(k) accounts. The report indicates a fundamental base price of $135,000 and adds upward multipliers for fundamentals and macro conditions to reach the forecast. Leveraging existing data, it suggests that a mere 1% allocation from the $8.9 trillion in U.S. retirement accounts could yield nearly $90 billion in demand for Bitcoin. Currently, ETFs hold 1.3 million BTC, signaling a significant amount of institutional buying activity. However, on-chain metrics reveal caution, indicating that while there's accumulation, daily transactions and active users are not at their peak, suggesting a potentially unbalanced market. Despite a bullish outlook, experts urge caution given that several indicators show the market is heating up but not overly exposed yet.

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