![Long-term Bitcoin holders selling off could signal more price increases](https://cryptoslate.com/wp-content/themes/cryptoslate-2020/imgresize/timthumb.php?src=https://cryptoslate.com/wp-content/uploads/2024/02/SLA.png&w=70&h=37&q=75)
Quick Take
Bitcoin market forces are demonstrating an intriguing trend. The cohort of Bitcoin holders who have kept their Bitcoin for over a year, also known as the Supply Last Active (SLA) 1+ year, reached an all-time high of approximately 71% in November 2023.
As a general principle, these holders tend to acquire Bitcoin during bear markets when prices are low, holding onto it until prices rise. As the market transitions into a bullish phase, this cohort starts liquidating their Bitcoin assets, garnering profits from their initial low-cost purchases.
Consequently, as Bitcoin prices surge in bull markets, the SLA 1+ year decreases. This trend appears to confirm itself as Bitcoin recently soared to $46,000. Correspondingly, the SLA 1+ year supply has dipped by over 1% from its peak to 69.2%.
This trend, initially noted by CryptoSlate in December 2023 and confirmed by Dan Pantera, hints that if the SLA 1+ year supply continues declining, Bitcoin prices could rise further. This trend is worth keeping a close eye on as it may have significant implications for the Bitcoin market going forward.
![Supply Last Active 1+: (Source: Glassnode)](https://cryptoslate.com/wp-content/uploads/2024/02/SLA.png)