Billionaire investor Paul Tudor Jones says the stock market's wild ride will continue in 2019.

"I think we're going to see a lot more of what we just saw, which is a lot more volatility," Jones told CNBC's Andrew Ross Sorkin in a "Squawk Box" interview on Monday. "It's really easy to say 'I'm really bullish' or 'I'm really bearish.' I kind of see a two-sided market."

"I think in the next year it will be, from where we are today, ... at least 10 percent down and 10 percent up; maybe 15 percent either way from where we are right now," Jones said.

Wall Street has been gripped by a spike in volatility. The major stock indexes last week posted their biggest weekly declines since March as fears of an economic slowdown and increasing U.S.-China trade tensions pushed investors out of stocks.

Stocks could fall between 10 and 15 percent next year from current levels, driven by increasing global credit and falling commodity prices, according to Jones. "We are probably sitting on a big global credit bubble," he said. "I hope I'm not underestimating the impact the potential negative impact that popping that bubble" will have.

However, this potential decline could lead the Federal Reserve to hold off on raising interest rates in 2019, which could boost equity prices along with continuing corporate buyback programs, Jones adds. The Fed is expected to hike rates at a meeting next week. "The one thing I would say is there's a high probability that this hike, assuming they hike, will be the last one for a long time," said Jones.

Jones, founder of Tudor Investment, is known for making big calls on the market. One of his biggest calls included correctly predicting the 1987 crash.

However, he told CNBC on July 12 that stocks could go "crazy" to the upside to end 2018. The S&P 500 is down more than 1 percent for the year and has plummeted more than 10 percent since hitting an all-time high on Sept. 21.

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