Jim Cramer thinks something fishy is happening with Bitcoin (BTC). The CNBC personality posted on X Wednesday that he suspects a "cabal" is artificially keeping the cryptocurrency above $90,000, hinting that he expects the apex digital asset to drop further.

Not the Crypto, Just the Baggage

Here's the thing though: Cramer says he actually likes Bitcoin. It's everything else around it that bothers him.

"I like Bitcoin but I do not like any of the derivatives created to play it or game it or mine it," the "Mad Money" host said. So Bitcoin itself gets a thumbs up, but the ecosystem of products built on top of it? Not so much.

Who's Right About What's Happening?

Richard Farr, Chief Market Strategist for Pivotus Partners, backed Cramer's suspicions. He pointed to what he called a "major marketing push" designed to keep prices elevated. "They have to keep the price up so the levered players aren't forced to sell," Farr explained, suggesting that heavily leveraged investors need support to avoid liquidation.

But Dave Weisberger, market analyst and co-founder of CoinRoutes, completely disagreed. He characterized the current Bitcoin selling as "normal volatility," likely driven by early Bitcoin holders who've achieved financial security distributing their holdings to newer investors who understand the investment thesis. "In short, you either have it backwards or just dont understand what is happening," Weisberger said.

The Inverse Cramer Effect Strikes Again

Predictably, Cramer's post triggered sarcastic responses invoking the "Inverse Cramer" strategy, where investors do the opposite of whatever he recommends. There's no definitive proof this approach actually works, but that hasn't stopped it from becoming internet folklore.

This isn't Cramer's first Bitcoin rodeo. Last month, he compared the current crypto market to the dot-com bubble of 2000, warning investors to reduce exposure. Yet he's also previously advocated for Bitcoin as a hedge against escalating U.S. national debt, claiming he was buying a lot himself amid concerns about a worsening debt crisis.

Price Action: As of this writing, Bitcoin was trading at $92,377.34, up 0.38% in the last 24 hours, according to data from Benzinga Pro.