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?
Get used to it or deal with it because China had been this kind of country on where decisions could really changed in spot which means they might be bullish this day and after several hours they do issue some ban.
They have done these things in the past thats why it isnt surprising for now that they would make the same thing which the community specially the older ones arent surprised with these kind of events.
For noobs then they would totally freak out because of such decision but actually these external sentiments doesnt really affect out the market precisely.
They are trying for a very long time, and slowly they are really killing crypto in their country, but it should not worry us because there are still more countries that are accepting bitcoin than hating it, and it will not make bitcoin fail. Maybe we will see and experience the bear market, but it's just temporary, a normal effect of a bad news.