The cryptocurrency market saw notable shifts this weekend, with Bitcoin trading near the $79,000 mark after a recent dip below the $80,000 level. Meanwhile, Pi Network is experiencing significant user migration to its mainnet, signaling progress towards its full launch. This comes as analysts eye a volatile February for digital assets.
Bitcoin Faces Bearish Sentiment
Bitcoin, the world's largest cryptocurrency, traded near $79,000 in the early hours of February 1. The digital asset fell nearly five percent to $78,797.90 on Sunday. This follows a drop below the $80,000 mark for the first time since April 2025.On January 31, Bitcoin bottomed out at just over $77,000, recovering slightly from that low.[dlnews+2]
The recent price action has led to divided opinions among market observers. Carmelo Alemán, a trader and analyst at CryptoQuant, stated that Bitcoin has entered a bear market. He pointed to a "sequence of breakdowns across major support levels" and decidedly "bearish" spot and futures trading patterns. Alemán also suggested the market is in a "capitulation" phase, where many participants will face losses.
Other analysts, however, call for calm, suggesting prices could climb after the weekend. Despite the recent downturn, February has historically been a bullish month for Bitcoin, with average returns of 14.3 percent. Some forecasts suggest a potential rise to $101,000 in February if bullish momentum strengthens.[dlnews+1]
Pi Network Advances Mainnet Migration
Pi Network is showing tentative signs of stabilization after a period of price weakness, driven by significant progress in its mainnet migration. The project recently unblocked mainnet migration access for approximately 2.5 million users. This brings the total number of eligible users to around 16 million, marking a substantial onboarding effort for a consumer-focused blockchain network.
An additional 700,000 users, previously ineligible for Know-Your-Customer (KYC) verification, are expected to submit their applications in the coming weeks. The migration process requires KYC completion and adherence to a structured mainnet checklist, ensuring only verified balances transition to the live blockchain. This phased expansion follows backend optimizations designed to reduce congestion and improve verification speed.[coinmarketcap+3]
The native PI token is currently trading around $0.166 to $0.167 as of January 29, 2026. This price point reflects a recent decline of approximately 4 to 4.5 percent over the past 24 hours and about 9 percent over the last week. This broader downward trend has seen PI shed over 94 percent from its 2025 all-time high near $3.[tradingview+2]
Ecosystem Growth and Future Outlook
The persistent weakness in Pi's price is largely attributed to massive token unlock events. Around 134 to 142 million PI tokens were released into circulation in January 2026, representing the largest monthly unlock of the year. Over 137 million more PI tokens are set to unlock in February, which could add further supply pressure.
Despite these pressures, Pi Network is preparing for its Open Mainnet in 2026. This launch aims to transition the network from a mobile-mining phase to a fully operational ecosystem supporting real-world transactions and applications. The project is also expanding its utility through partnerships, such as the integration of PI token as in-game currency with CiDi Games, with early testing planned for the first quarter of 2026.[coinmarketcap+2]
Pi Network's estimated market capitalization currently stands near $1.75 billion to $1.78 billion. While price predictions for PI remain speculative, relying heavily on mainnet progress, exchange listings, and overall crypto sentiment, some models suggest a potential gradual recovery towards the $0.24 to $0.45 range by mid-year if bullish momentum strengthens and major catalysts emerge.[fxstreet+1]
The broader cryptocurrency market entered February under significant pressure, with Bitcoin's recent crash below $85,000 on January 29 wiping out over $800 million in leveraged positions. Geopolitical tension, macroeconomic uncertainty, and a general risk-off sentiment among investors are cited as key drivers for this market decline. However, experts anticipate a shift in 2026 from speculative booms to structural growth, driven by trends like Real World Assets (RWA) tokenization, prediction markets, and advancements in AI agents.[coindcx+4]
