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.

What to know:
Tiger Research predicts bitcoin could reach $190,000 by Q3, driven by global liquidity, ETF demand, and new 401(k) access.
The report highlights a potential $90 billion demand from 401(k) allocations and significant institutional accumulation.
Despite bullish forecasts, on-chain indicators suggest caution, with metrics showing a market that is active but not overheated.