It's not that China isn't relevant anymore, they are just waiting out how the actions of the PBOC will play out because there is definitely more to come. Other than that, depending on what exchange you use as a benchmark for the ATH, it will be possible to see a new ATH within a month if the ETF turns out to be approved. It's less than $100 we need to eat through in order to set a new record price. It feels fantastic being a holder with Bitcoin having so much upwards potential.
China was all smoke and mirrors, their volume was fake, they no longer control anything. Their hashing power is also a scam, there are a lot of different mining pools that are owned by the same idiots which btw continue to not signal for segwit.
China will sooner or later get deprecated, their ONLY strong point is that they get cheap eletricity. THAT IS LITERALLY ALL. All good coders, innovation, etc, is not chinese. China is only making us lag behind in bitcoin adoption by not signaling for segwit, that's all. They are useless.
Isn't that smoke and mirrors raised price so far, which is still high. BTW full picture will be clear once withdrawal sanctions gone. Then we could see whether there is any bear-trap or is it real bulls market this time.
