I think for now the bitcoin price will go down, I really hope that the bitcoin players in china want to persuade his government to re-legalize Bitcoin 
First of all, I don't know if it's rumor or official, but in case it is true, I don't think they would have success persuading their government. However, Bitcoin would continue to be a great cryptocurrency, and such an event would only increase the number of people making transactions via p2p trading.