Start a hyper bhop on the second platform and aim to bhop on the left side of this diamond.
Once you bhop, hold jump and perform a cb with your 2nd jump button to set up a reverse wavedash ultra.

Bhop twice on the water and grounded ultra; do the cutscene skip after this lifesaver in the background, full climbjump, and demohyper ultra out.
Land on the left side of the bhop platform to make the next room easier.