Tiger Research has projected that Bitcoin could reach $200,000 by the fourth quarter of 2025. The report highlights sustained institutional buying, anticipated Federal Reserve rate cuts, and a recent price drop in October as indicators of growing institutional influence in the market. Key factors supporting this projection include stable inflows into Bitcoin ETFs, significant purchases by MicroStrategy, and a macroeconomic environment characterized by an increasing M2 money supply and easing monetary policies. The MVRV-Z index, currently at 2.31, suggests valuations are elevated but not at extreme levels. The October 11 price crash underscored a shift towards institutional-led market dynamics, with limited downside despite substantial liquidations.