Bitcoin (CRYPTO: BTC) just delivered another chapter in the long-running Wall Street meme that refuses to die: when Jim Cramer turns bearish, traders pile in the other way. Days after Cramer publicly warned on CNBC that the recent bounce in crypto "makes no sense" and flagged fragility in leveraged positioning, Bitcoin has pushed sharply higher — rallying from around $85,973 on Nov. 21 to roughly $90,473 this week, a gain of about 6.8% over the past five days. For crypto die-hards, the timing was too perfect to ignore.
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A Classic Contrarian Setup
Heading into the Thanksgiving week, Bitcoin looked battered: down more than 21% over the past month, off about 3% year-to-date and slightly lower versus the past 12 months. Sentiment was cracking, liquidations were mounting and derivatives positioning was stretched. That's precisely when Cramer took a sharp turn bearish, questioning the credibility of the rally and calling out structural risk beneath the price action.
Crypto traders, who now treat Cramer's calls as a sentiment indicator rather than fundamental insight, immediately revived the well-worn "inverse-Cramer" playbook — the crowdsourced belief that when Cramer calls a top or bottom, markets often flip the script. And right on cue, Bitcoin bounced.
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Bulls See A Different Tape
Adding fuel, Bitmine Immersion Technologies Inc (AMEX:BMNR) chair and longtime Bitcoin bull Tom Lee softened his famously aggressive year-end target of $250,000, calling a record-high in 2024 a "maybe," but reiterated that he still expects Bitcoin to break above $100,000 before the end of 2025.
Meanwhile, gold advocate and Bitcoin critic Peter Schiff took to X ahead of Blockchain Week in Dubai, promising he looked forward to "un-orange-pilling" believers — a comment that only energized the tribal battle lines further.
For traders tracking psychology over projections, this cocktail of public doubt, washed-out positioning and high-profile bearish rhetoric is exactly the recipe for contrarian upside.
Investor Takeaway
Bitcoin is fighting back from a deep drawdown with sentiment — not fundamentals — driving the move. If momentum holds and shorts scramble, the inverse-Cramer crowd may notch another trophy. But with volatility accelerating and macro uncertainty still thick in the air, this bounce needs follow-through fast.
For now, the scoreboard reads: Cramer cautious, Schiff circling, Lee still bullish — and Bitcoin refusing to stay down.
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