10x Research, a leading crypto analysis firm, has issued a warning that Bitcoin's potential surge to a new all-time high of over $83,000 could be impeded by Ethereum's recent price struggles. In an analysis shared with CryptoSlate on June 7, the firm highlighted Ethereum's lackluster performance compared to Bitcoin's upward trajectory over the past week, suggesting that Ethereum's weakening sentiment might hinder Bitcoin's momentum.

While Bitcoin saw a notable increase of over 3% in its price during the period, Ethereum experienced a decline of approximately 1.2%. Although the exact reasons behind this discrepancy were not explicitly outlined in the note, 10x Research indicated that Ethereum's underperformance could exert downward pressure on overall market sentiment, particularly concerning BTC's potential for reaching new highs.

According to 10x Research, traders are exhibiting a greater preference for Bitcoin over Ethereum, with positioning in Ether futures remaining relatively stretched compared to Bitcoin. The firm also cast doubts on the anticipated demand for Ethereum exchange-traded funds (ETFs), suggesting that such expectations might fall short.

Quoting from the analysis:

"Positioning in Ether futures is already stretched, and as SEC Gary Gensler said this week, it might take a while until those (S-1) ETH ETFs are approved. Futures positioning increase in ETH has lagged this week at $0.3 billion as traders prefer to buy Bitcoin exposure at this point, [recording] $2.2 billion. The numbers speak for themselves."

However, despite Ethereum's challenges, 10x Research remains optimistic about Bitcoin's prospects, forecasting a potential new all-time high of $83,000 in the near future. The firm suggests that Bitcoin could achieve this milestone by breaking a key technical pattern within the next few days.

Markus Thielen, CEO of 10x Research, expressed confidence in Bitcoin's upward trajectory, emphasizing the significance of a head-and-shoulders formation indicating a rally towards $83,000. Thielen highlighted recent global economic developments, such as interest rate cuts in various countries and a weaker US employment market, as supportive factors for Bitcoin's bullish momentum.

To realize this bullish projection, 10x Research estimates that Bitcoin would require substantial inflows of over $13 billion across various sectors. While acknowledging the commitment needed to achieve this target, the firm remains optimistic, citing favorable macroeconomic conditions as conducive to Bitcoin's potential surge to new highs.