If we go by the wikipedia article, the main reasons for the 83' crash were:
Flooded console market Back then, there were way waaaay too many consoles. Everyone was trying to cash-in on the fast growing video game industry from years prior and the market became over-saturated with consoles. Right now, that isn't a problem: PS4/XO/WIIU, maybe OUYA and the STEAMBOX doesn't compare to having at least 15 different consoles with the same games (seriously you could buy Atari 2600 games and play them on your Intellivision II).
Competition from home computers This isn't a problem since everyone and their mothers have computers and still buy consoles to play videogames (for the exclusivity, ease of use and maybe price?). Back then, the choice was "should I get a console or a computer?".
Loss of publishing control This is a big one, luckily the article covers it for me Unlike Nintendo, Sega, Sony, or Microsoft in later decades, the hardware manufacturers in this era lost exclusive control of their platforms' supply of games. With it, they also lost the ability to ensure stores were never overloaded with products. And since they couldn't control the quality of the games, there were a lot of crappy/ carbon-copy games. Without a way of knowing which games were good or bad (no internet reviews), people stopped buying video games, which led to:
High-profile failures Pac-Man and E.T. for the Atari 2600. I could see this happening with the AAA games and their constant "trying to appeal to the casual gamer", but the truth is there is a lot more research on the video game market now than 30 years ago, games can be patched and with the online purchases, there is less risk of making too many copies that nobody would buy (which is exactly what ended Atari back then).
So, if the video game industry crashes again (which I doubt), it won't be because of those same reasons. Oh, and to whoever thinks that Nintendo is going to crash and cease to exist... yeah that's not gonna happen.
Hard work may pay in the long run, but laziness always pays off right now!
I think it could happen again, because the crash of 83 hit one medium (consoles) in one region (America).
It genuinely would not surprise me to start seeing major Japanese developers take a dive soon. Capcom and Square cannot handle money at all, for instance, and I honestly don't see them surviving to the next console generation.