Is Jim Cramer’s bullish stance on Bitcoin a sign to sell?

Jim Cramer, host of CNBC's “Mad Money,” argues that he is reversing his stance on Bitcoin as it hits an 18-month high.

This change in opinion comes a year after Cramer strongly advised against Bitcoin. Thus, leaving investors and market watchers to ponder the implications of his new bullishness.

Cramer will change the bullion on BTC

Mad Money's Jim Cramer, known for his volatile and often shifting views on financial products, previously said he believed “the money was made by Bitcoin.” However, he now admits that judgment was premature.

“Look, if you like bitcoin, buy bitcoin. This has always been my view. And I liked it for a while, and I decided there was money to be made, but I was premature,” Kramer said.

The renewed support for Bitcoin is in line with the recent arrival of the cryptocurrency. BTC rose above $38,000 for the first time in a year and a half, after a 10% increase last month. At the same time, Ethereum experienced a 17% increase, reaching its own 18-month high.

Read more: How to buy Bitcoin (BTC) and everything you need to know

The crypto and financial communities, who have been critical of Cramer's alternative views, have raised eyebrows in this latest round. Some investors jokingly suggest that taking the opposite stance from Cramer's advice might be a smart financial move.

This sentiment prompted the SEC to propose a “reverse Cramer ETF” that would hold investments against Cramer's guidelines. With Cramer's renewed confidence in Bitcoin, some social media voices in the crypto market speculate that this could signal a downturn.

Is It Time To Sell Bitcoin?

While some have suggested that now is the time to sell Bitcoin after Cramer's confirmation, several cryptologists disagree. For example, trading veteran Ton Weiss sees no immediate resistance to Bitcoin's price.

“I see no objection. [Still,] We have resistance at $48,000 – $49,000 at the Fibonacci levels, which is interesting because it is below the $50,000 round number. “I know I've been saying that $41,000-$42,000 is the upside, but I think we can beat that,” Weiss said.

Similarly, BeinCrypto's global head of news, Ali Martinez, pointed out that Bitcoin has built a strong support barrier between $25,000 and $30,000. As Vice Martinez emphasized, the only critical resistance levels are now at $38,440 and $47,360.

Prominent crypto trader Jacob Canfield shares a similar view, suggesting that Bitcoin, Ethereum and altcoins have a lot of room to climb before the market undergoes a major correction.

“My playbook: First BTC to $48,700. Then ETH to $3,350. Then altcoins party for 14 days. Then sell everything for dollars. Buy 40% on Bitcoin and alts,” Canfield said.

Read more: How to prepare for a Bitcoin ETF: A step-by-step approach

Finally, Thomas Lee, head of research at Fundstrat, interprets current trends as positive signs for December, indicating a “risk-on” environment.

“Positive periods are running, and this is a danger in the environment. I think the move on Bitcoin, which has set a new high for the year, is another sign of danger. I think all the signs are good for December now,” Lee added.

Despite Cramer's recent approval, Bitcoin may have a lot of legs to climb before the next important price correction.