I don't personally believe China will regulate bitcoin. The problem will maintain as a loop forever. We can find ourselves around $1,500 easily.
No country would really able to regulate bitcoin no matter how powerful it is.China considered as super power but it cant really completely manipulate bitcoin.It might give some effects on its price but i would say its not really just fully dependent on it.Bitcoins price i do consider as bubble knowing there are lots of investors do go with the flow on the current trend of crypto and now prices had dump because of some news on China.It did really dip its price.