I received notice today that my on-premise license will expire January 18, and I have not completed my migration to the cloud version. What are my options as I will not complete migration by January 18?
If "on premise" means Bitbucket Server, then you can continue using that forever. You will not be able to upgrade to a newer version or receive support, but your Bitbucket Server will continue working after mid February.
And you can easily move to Bitbucket Data Center, as it is nearly identical with Server, but it remains supported! It can give you some extra runway, even if you plan to move to the Cloud finally.
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