I guess the best answer to that question is of course a BIG NO! Granted, China is a big contributor for the rise and adoption of Bitcoin and they are primarily the country involved with Bitcoin mining due to very cheap electricity cost.
Now, the Chinese government has its own agenda and I think in the long run Bitcoin can be running against those agenda so they are now thinking of slowly disengaging and disconnecting their citizens away from the cryptocurrency platform.
I know that whatever China will decide on the impact can be heavy on the market and this is shown with the recent decision banning the ICO projects and the unconfirmed total ban of Bitcoin exchanges though it is still a rumor and nobody would want to confirm.
Can cryptocurrency still go on and have a very optimistic future even without China as part of the equation?
Banning of Bitcoin is useless if the Chinese government wanted to eliminate those Cryptos underground sites are still running or maybe changing their IP is the often happening even it is already banned. Also, many other countries are still working to it not only China. It has nothing to do even with the Bitcoin price so spreading this kind of fake news should be apprehended. This news are just only bringing panic to people rather than information them.