Bitcoin’s Bull Run Isn’t Over (Yet) — But Altcoins Are Getting Left Behind

FBS drops its H1 2025 crypto analysis, and the message is clear: BTC is still king. But what’s next for Ethereum, Solana, and the rest of the underperformers?

💥 Quick Hits

• Bitcoin hits fresh all-time highs despite shaky macro conditions
• Altseason? Still waiting. ETH, SOL, and others lag behind
• FBS sees Q4 2025–Q1 2026 as the likely market peak window
• Key signals: Fed policy, DXY moves, and tech stock correlation
• Post-halving cycle still in play — but fatigue is creeping in

🧠 Bitcoin’s Still the Alpha — For Now

Call it a comeback, call it dominance — Bitcoin doesn’t care. In H1 2025, BTC dipped to 76K, then snapped back like a slingshot, smashing fresh all-time highs and cementing its narrative as the only coin that institutions really trust.

FBS analysts say macro winds helped — inflation is stabilizing, the Fed’s hawkish grip is loosening, and the dollar is softening. The result? Bitcoin is eating the market. Again.

“Bitcoin has once again proven to be the core asset in the crypto market.”

🪦 Altcoins Are Sleeping Through the Rally

Remember "altseason"? Yeah, that’s still stuck in the group chat.

ETH, SOL, XRP — all struggled to gain traction in H1. Even with community hype and some decent fundamentals, investor flow stayed glued to BTC. Why? Safety. Liquidity. Narrative.

XRP gets a nod for staying afloat thanks to its die-hard base, but the broader alt market is in waiting mode. And waiting can turn into bleeding fast.

📉 Macro Factors Driving H2: What Matters Now

FBS flagged the macro risk dashboard — and it’s blinking amber:

• Fed Rate Cuts? Could pump risk-on assets. But delays = pain.
• Strong Dollar (DXY)? Historically, bad for Bitcoin.
• Tech Stocks Weak? Could spill over into crypto sentiment.

No one’s calling the top yet, but macro winds will blow harder in Q3/Q4.

⏱️ Tick-Tock: Halving Cycle Says There’s Time

Remember: April 2024 was the last halving. Historically, Bitcoin peaks 200–500 days after. That points to Q4 2025 or early 2026.

Indicators like Money Flow Index say bulls still have gas. But there’s also a whiff of exhaustion in the air. If the rally holds, altcoins might finally get their turn. If not? Correction season begins.

“The next few months will define this cycle.”

🔍 Why It Matters

FBS’s mid-year pulse check isn’t just a recap — it’s a reality check. Bitcoin’s lead has never been clearer, but that dominance could either catalyze an alt rally or stall the whole market if macro turns sour.

This isn’t the euphoria of 2021 — it’s the cold, calculated version of a bull cycle. Institutional. Selective. Strategic.

And if the second half of 2025 plays out like FBS projects, it’ll separate the tourists from the traders.

TL;DR

• Bitcoin’s running the show in 2025, backed by macro tailwinds and institutional love
• Altcoins are stuck in neutral — no altseason (yet)
• Fed moves, the dollar, and stock markets will steer Q3/Q4
• Halving cycle puts the likely top in late 2025–early 2026
• FBS says: stay sharp — the next 6 months will test the trend