The point the Reddit guys were making was that the hedge funds that shorted GME would eventually capitulate and buy back the shares because the cost of borrowin

The point the Reddit guys were making was that the hedge funds that shorted GME would eventually capitulate and buy back the shares because the cost of borrowing them is astronomical (thanks in part to Reddit users instructing their brokerages not to loan out their shares). I think it is largely insulated from market behaviour.