Tiger Research expects Bitcoin to reach a target price of $190,000 in the third quarter of 2025

According to HashKey, Tiger Research's valuation report for Bitcoin in the third quarter of 2025 predicts a target price of $190,000, which represents a 67% increase from current levels. The report points out that the accelerated institutional adoption of Bitcoin, record high global liquidity, and the opening of 401(k) retirement accounts in the U.S. to Bitcoin investments are the main driving factors. Additionally, institutional holdings continue to rise, with ETFs holding 1.3 million Bitcoins, accounting for about 6% of the total supply. Although there may be short-term correction risks, institutional purchasing power provides strong support for the price, and the long-term outlook remains optimistic.