Bitcoin Enters New Bull Market, Tiger Securities Sets $250,000 Target for 2029

An analyst at Tiger Securities has declared that Bitcoin has entered a new bull market cycle, maintaining a "Buy" rating on the cryptocurrency. The firm set a price target of $250,000 for the current cycle, which it expects to be reached by 2029 or sooner.

A New Cycle Begins

According to analyst Bo Pei, the bullish call is based on technical indicators such as the formation of higher lows and higher highs, as well as Bitcoin's price reclaiming key investor cost-basis levels. This marks a significant shift from the firm's previous assessment in July, which had categorized the market as being in a "late bear market" phase.

Pei's note stated that a resurgence in buying from exchange-traded funds (ETFs) "further confirms that demand is recovering along with price." The analysis also highlighted Bitcoin's resilience against recent policy headwinds, including a 25 basis point rate hike from the Federal Reserve, which were largely anticipated by the market.

ETF Inflows and Market Resilience

The report pointed to a strong recovery in institutional demand, evidenced by ETF flow data. After eight consecutive weeks of net outflows totaling $842 million from May to early July, Bitcoin ETFs saw a reversal.

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• From August 17 to September 21, these funds recorded a cumulative net inflow of $420 million.
• A single-day net inflow of $93.73 million on September 21 was noted as the largest since the previous cycle high in October 2025, according to the report.

Despite policy uncertainty, Bitcoin's maximum pullback was limited to 5.9%. The subsequent rally pushed the price past its May high of $82,814, representing a 49.1% gain from the July low.

Path to $250,000

The $250,000 price target was derived using a combination of a relative valuation against gold and cross-validation with on-chain cost basis models. This price implies a total network value of approximately $5.25 trillion, equivalent to 16.9% of gold's estimated market capitalization.

Pei noted that this growth is more modest than in previous cycles, requiring the on-chain cost basis to rise to between $147,000 and $167,000. This translates to an annualized growth rate of 24% to 29% over the next three years. From a macroeconomic perspective, the analyst believes persistent fiscal deficits will reinforce Bitcoin's role as a store of value with a "monetary premium."