Peter Boockvar, the Chief Investment Officer of wealth management firm Bleakley Financial Group, warns that Bitcoin can fall to between $1,000 and $3,000.
Speaking to CNBC, Boockvar said he would not be surprised to see these much lower levels occur over the next year.
He did, however, predict that Bitcoin will be around for a very long time – just not at the current high prices.
Boockvar added that he did not expect a collapse in the cryptocurrency market to significantly impact the normal financial markets.
Instead, he predicted that a collapse in the price of Bitcoin will change investor attitudes towards risk.