And of course, it took years to find a bottom: the bust went so deep that EVERY significant tech company in ~2000 went through layoff after layoff after layoff over the first half of the next decade, as documented by the HN of the day, fuckedcompany.com[0]. Yes, the housing bubble started to form mid-decade, but tech itself hadn't really meaningfully recovered when 2008 arrived (and this famous Sequoia memo!) -- and it was only from the embers of THAT bust (broadly deeper but much less acute in tech) that the next bubble began to form.
So in terms of now: it's hard to know where this thing is going, but there are more parallels (to me) to the Dot Com Bust than to the 2008 Recession. I expect this thing to run pretty deep in tech, and I think some sectors (ahem, web3) may well face extinction. If it does run that deep, you will only know that it's over in hindsight: it will take years to recover, and it's only when everyone stops thinking about it that the seeds of a true recovery will be planted. So, get comfortable: it may be a while.
One final note. Back in the depths of the bust (maybe 2003?), I saw a bumper sticker on the 101 that stuck with me: "Please God, Just One More Bubble." I remember thinking at that time that there would be no more bubbles forthcoming -- that nothing could possibly be as frothy as what I had lived through. I was wrong, of course, and I really hope the driver of that car cashed out on their NFT marketplace or whatever!