
The forceful strike sent Kaido tumbling to the ground. It seems the Four Emperors has fallen straight down to the earth and is still continuing to descend. Chapter 1049 then concludes with a scene of Momonosuke exhausted after attempting to support the Onigashima island. Meanwhile, Luffy seems to have reached his limits.
2. Has the battle between Luffy and Kaido concluded?

I feel that the battle between Luffy and Kaido has already come to an end.
The evidence lies in the flashbacks regarding Kaido's past. Specifically, when Kaido fell, we also witnessed a flashback where Kaido believed that Joy Boy would appear to defeat him. This detail seems to confirm that Luffy is the new Joy Boy.
The flashback also suggests that this could be the moment Kaido was defeated.
However, it's important to note that in this battle at Onigashima, whenever someone wins or loses, there will always be an announcement. Like in chapter 1036, Zoro was declared the victor in the duel against King.
In Zoro's case, he unleashed a powerful attack in chapter 1035, then declared victory just in chapter 1036. If Luffy wins, his victory declaration will probably be mentioned in chapter 1050.
Additionally, typically, if a major antagonist loses in One Piece, they will be displayed like this (as shown below in the image)


Let's see if Kaido appears in a similar posture when defeated!
3. Readers must wait until at least chapter 1050 to confirm whether Kaido has lost or not

Currently, it seems we have to wait until chapter 1050 is released to find out whether Kaido has truly lost or not.
However, on Manga Plus, the new chapter of One Piece will be introduced on May 29th at 22:00 WIB. So, we'll have to wait another week to know the result.
4. The looming threat persists if Kaido loses

If Kaido is defeated, there's still a looming threat at this moment, which is the World Government's ships advancing towards Wano. The World Government intends to take over Wano under their control. This is indeed a very ominous risk.
Because it seems Luffy has exhausted himself after the battle with Kaido (especially if we look at Luffy's condition on the last page of chapter 1049), while Zoro is still unconscious. So, if there's an issue with the World Government, the alliance might have to find a way to resolve it without them.
Even Law and Eustass Kid are exhausted after facing Big Mom.
At least Zunesha and the warriors are still capable of continuing to fight, but facing the ships of the World Government and a series of experienced navy, it's not simple at all.