Woah! Watching this chapter and seeing what appears to be awakened kaido, I checked back on chapter 1042. On the page before the cloud eyebrows appear, Kaido says, “don’t assume you’re the only one who can see the future! What if I try copying you…? Is it like this?” And the frame where he says that last sentence is the frame gets cloud eyebrows, the signature of awakened fruits. So what if he saw a hint of the far future, where Luffy was awakened, and he was sort of making fun of it by transforming into his awakened dragon form, which we’ve seen before.
That seems to be the implication of the dialogue, though yes, I recognize he didn’t know the CP0 agent was about to show up, so maybe he only saw a bit of the farther future? Not really sure how observation haki works. Maybe it’s a little flexible with what time period you can see? This last para is a bit of a stretch, but either way it’s weird that he happens to say he’ll copy Luffy right in the panel where the awakened eyebrows appear.
Honestly, someone just needs to ask in an SBS whether his dragon form was him awakened. I assume it was because of the eyebrows and the clouds that float around him, but it makes me wonder if there’s a non-awakened dragon form.