Don't forget that China has done this plenty of times before.
The Bitcoin market is extremely resilient and we have seen it bounce back substantially from these regulatory constraints before. It would be incredibly stupid to bet against BTC prices going up in the long run just because of further restrictions on bitcoin mining in China when the whole industry has essentially moved underground already.
This current bear market is simply a natural phase of the bitcoin market cycle that occurs every 4 years. All the bad news are being magnified, and the good news ignored.
The Chinese government announced that it will strictly handle all acts of mining and trading virtual currencies, causing mines to stop completely or partially. Up until this point, China accounted for more than half of the global Bitcoin supply. China's strong hand with Bitcoin mining has caused mines in the country to close or move abroad. Along with that, the country's Bitcoin mining equipment manufacturers must also look elsewhere.