I think it's more similar to the dotcom bomb of the 90s.

The 1929 market crash was caused by federal government budget surpluses the years leading up to it. Less ability to rely on the government for creation of money (which doesn't need to be repaid) led more businesses relying on private lending (which does have to be repaid) to do business. Private lending can only lend so far before the bubble pops, which is exactly what happened in 1929 and in 2008.

There will be a shakeout in crypto, but I think it will recover harder and stronger right after that.