I honestly think that people are starting to get really sick of China's behavior.
What's really amazing is that they don't understand that they are cutting themselves out from a super-growing market, letting all major investor taking all their money to other countries (like the mining exodus happened recently).
Should we really expect a bear market?
Let them, they had the best position to take advantage of the revolution that is coming, it is known the leaders of China are sick of the US dollar being the dominant currency around the world, and out of nowhere they had access to the best tool possible to challenge that supremacy, they had bitcoin and even if they could not control it they could have supported it to try to undermine the US, but now they have rejected it and many other countries will get the benefits while they watch from the sidelines.