Based on the Fibonacci trend line and the historic Volkswagen short squeeze. Not saying that it might be an exact replica of the Volkwagen case study. Given a large number of retail investors not willing to sell the stocks thereby limiting the liquidity of the stocks.
Also with this GME saga being gaining more attention with more investors in the market as compared to the Volkswagen case, the squeeze might even be higher.
Conversely, in the Volkwagen case, there isn't any restriction of share buying so this might also be the limiting factor of this GME Short squeeze.
Is this the downfall or the rise of a higher uptrend? No one really knows but one thing for sure is you will want to stay prepared for both outcomes.