Peter Boockvar, chief investment officer at Bleakley Advisory Group, warns that Bitcoin (Bitcoin) could fall as low as $1,000, CNBC reported.
The Wall Street veteran is confident crypto is in a giant bubble, and the air is already coming out.
"When something goes parabolic like this has, it typically ends up to where that parabola began," he said on CNBC's "Futures Now."
He calls Bitcoin a “classic bubble” and says the cryptocurrency is in danger of dropping 90 percent from current levels.
"I wouldn't be surprised if over the next year it's down to $1,000 to $3,000," he added.
Once the cryptocurrency market cracks, he contends, investor attitudes toward risk assets will change.
Bitcoin, fell below $10 000 for the first time since November last week, and is slightly back to around $12 000 on Monday, according to CoinMarketCap.com.