Crypto research firm 10x Research has cautioned that a significant drop in Ethereum prices could hinder Bitcoin from achieving a sustainable new all-time high surpassing $83,000, as per an analysis shared with CryptoSlate on June 7.

Over the past week, Ethereum's price has struggled notably compared to Bitcoin's, with the second-largest digital asset declining about 1.2% while Bitcoin rose by over 3%. While not explicitly stated in their note, 10x Research suggests that Ethereum's performance could impact sentiment surrounding Bitcoin.

Highlighting Ethereum's future prospects, 10x Research observed a preference among traders for Bitcoin, noting that the demand for Ethereum exchange-traded funds (ETFs) may not meet expectations. They remarked:

"The positioning in Ether futures remains stretched, and as SEC Chair Gary Gensler mentioned this week, approval for ETH ETFs may take time. Futures positions in ETH have lagged at $0.3 billion this week, while Bitcoin exposure has seen $2.2 billion. These figures underscore the current sentiment."

Regarding Bitcoin's potential for a new ATH, 10x Research anticipates a breakthrough to $83,000 soon if a critical technical pattern is breached by June 7 or June 12.

Markus Thielen, CEO of 10x Research, expressed confidence in Bitcoin's upward trajectory, stating:

"It's just a matter of time before Bitcoin achieves a new all-time high. The head-and-shoulders pattern suggests a rally towards $83,000, with the resistance likely to break in the coming days."

The firm attributes its optimistic outlook to recent global economic developments, including interest rate cuts in various countries and signs of weaker US labor market conditions and inflation. They estimate that achieving the projected new ATH would necessitate substantial inflows across different sectors, potentially exceeding $13 billion.

In summary, while 10x Research remains bullish on Bitcoin's prospects, they caution that Ethereum's performance and regulatory dynamics could influence the broader cryptocurrency market's sentiment and performance.