Pi Network’s Price Puzzle: Will a Bitcoin Bull Run Spark Recovery?

Bitcoin's next leg up could be the tide that lifts all boats—but will Pi Network's ship finally sail?

The crypto market dances to Bitcoin's tune. When the king rallies, altcoins often follow in a euphoric, risk-on parade. For projects like Pi Network, still navigating the treacherous waters from testnet to mainnet, a bullish macro environment isn't just nice—it's potentially existential.

Beyond the Hype Cycle

Speculative fervor alone won't cut it. Real recovery hinges on utility. Pi's massive, grassroots user base is its superpower and its biggest challenge. Converting millions of 'mined' tokens into active participants in a live economy requires more than hope; it demands robust infrastructure, clear use cases, and a reason to hold beyond pure price speculation. A rising Bitcoin market provides capital and attention, but it's no substitute for a working product.

The Liquidity Litmus Test

Let's be cynical for a second: in finance, a 'community' is often just a polite word for 'bagholders waiting for an exit.' Pi's price recovery, if and when it lists on major exchanges, will face the ultimate test: real, unfiltered market liquidity. Can it withstand the sell pressure from early miners looking to cash in on years of phone-tapping? A bullish Bitcoin backdrop might cushion the blow, but it won't erase fundamental supply and demand dynamics.

Pi's path isn't charted by Bitcoin alone. The network needs to prove it's built more than just a clever mining app—it needs to build an economy. A crypto bull run might offer a shortcut to visibility, but there are no shortcuts to genuine value. The clock is ticking, and the market's patience, even in a bull run, is famously fickle.

Pi Network has been under heavy pressure since its listing on centralized exchanges. The token is currently trading NEAR $0.209, far below its peak and struggling to regain momentum.

Pi reached an all-time high of $2.98 in February 2025, but the price has since collapsed by more than 87%. It later touched an all-time low of $0.1585 in October 2025 before seeing a small rebound. Despite this bounce, Pi remains deeply down from its highs.

Weak Price Performance Raises Concerns

Market data shows that Pi has consistently underperformed compared to other altcoins. According to crypto analyst Dr Altcoin, Pi’s price behavior over the past 10 months reveals a clear pattern.

When Bitcoin rises, Pi tends to move up slowly. When Bitcoin falls, Pi often drops faster than the broader altcoin market.

Since its listing on centralized exchanges, Pi Network is down 87.82%.

Will it drop further?

That depends largely on what the Pi Core Team delivers in the coming months.

From monitoring Pi prices over the past 10 months, here’s what I’ve observed:

1. When BTC rises, Pi’s… pic.twitter.com/bkG8H9E36a

This has raised concerns among investors who expected PI to show stronger resilience after years of development and community growth.

Roadmap Uncertainty and Token Unlock Pressure

One of the biggest challenges facing Pi Network is uncertainty around its future roadmap. The Pi CORE Team has outlined plans extending into 2026, but many details remain unclear. This alleged lack of transparency has triggered criticism from parts of the community and continues to limit upside momentum.

Adding to the pressure is a large token unlock expected in January. While some data suggests exchange liquidity is slowly declining, investors remain tense about whether upcoming unlocks could lead to fresh selling.

At the moment, the $0.20 level is acting as an important support zone. A sustained break below this area could increase downside risk.

Utility Is the Deciding Factor

Despite weak price action, Pi supporters argue that the project’s value should not be judged purely on short-term market moves. They believe Pi’s long-term success depends on real-world adoption rather than speculation.

Supporters point to several potential drivers of future value:

• Real-world payments using Pi
  
• Apps and marketplaces built around Pi
  
• Developers creating applications that require Pi
  
• Merchants accepting Pi for daily goods and services
  

According to this view, Pi’s price will follow participation and usage, not hype.