The way I understood it, is that its a combination of a short squeeze and gamma squeeze that could potentially bring it way up and then have it plummet down. This only works is if the hedge funds have!’t already liquidated their short positions (as the media says they have) and it’s a bluff. Seeing as its down aftermarket, it may have happened already but no one really knows. Seeing as WSB is down, found this[1] to be a pretty informative breakdown into all this.
[1] https://youtu.be/J-CHwy1BdZg