The possibility of such a thing happening again because it is said in some news reports that Hong Kong opened a crypto exchange license ahead of retail trading and it has been supported by China even though we know they are one of the most vocal countries against crypto especially for bitcoin.

On the other hand there seems to be another intention because we know from several cases that occur when China moves in regulation then they always do the same cycle when the legalization then what happens afterwards is to ban again.

but btw even though China has banned crypto, they are still one of the countries with the largest cryptocurrency market in East Asia in 2022 even though there is a ban there.

https://www.scmp.com/tech/policy/article/3196781/chinas-cryptocurrency-market-still-among-worlds-strongest-despite-beijings-crackdown-trading-mining