I think that this could go either way, but that prices might fluctuate quite wildly the last week of january.

-Either the chineese flock to BTC before it's regulated as a storage of wealth or to gamble, -or they pull out to be safe. The biggest players are likely to be the ones who have most to benefit from showing loyalty to the party by getting out of BTC. (They are more likely to have orther ventures that requires goodwill, while BTC is only one lost opertunity.)

I think the most likely end result is a (possibly big) drop close to the 31'st and then a rebound to a higher and somewhat stable level as the dust settles.