The thermistor has to have enough current flowing thru it to heat up. To low a wattage (high resistance bulb)and it will not heat up, how low wattage is to low is something the engineers can answer if they had the specs.
Here is a good example, if you read the voltage at the light socket with a reg VOM or DVM you will likely see 12v, as there is no load on the circuit. Put a load on it like say a test light and the voltage will drop, not zero but some, bigger load bigger drop, as the voltage drops at the socket, more current is flowing thru the thermistor, submerged I doubt it would ever heat enough to change it resistance (lower). its a very analog setup so you may or may not see the bulb of a test light come on.