As I understand, in 1994 the Internet was still at its infancy. People didn't really know what it was yet, they didn't know what it could be. Does that mean right now we don't know what bitcoin will be used for in the coming years? Do we not know the "killer app"?
Exactly! This is what people mean when they say that bitcoin is in 1994. They idiomatically mean that bitcoin as a technology is still young and has a lot in store still. A lot needs to develop in it; reason why people hasn't realized its full potential yet, mainly the reason why it's still undervalued nowadays. But once the doubts and uncertainty about it are settled, that's when the time it will fully mature and boom. There's no telling how far this market correction will go, but believe me, this "bitcoin-is-in-1994" season that the people are yelling is the best time to educate ourselves on how it all works.