Noted short seller Bill Fleckenstein believes stocks can fall even more after Friday's market carnage.
"I think there's much more to go. The exact path we can debate because none of us know," he said on CNBC's "Fast Money."
The major U.S. averages each fell more than 2 percent Friday, bringing the 's losses to 8 percent this year. Oil prices helped send equities lower, as U.S. crude settled down 5.7 percent.
Fleckenstein contended that the slide will continue. But his "real fear" is a dislocation, or the market falling "hard and fast," he said.
"I think it's entirely possible that we could break these lows that we're sitting on from last summer," Fleckenstein said.
The lowest S&P close of the last year, 1,867.61, came last August, according to FactSet. The index closed at 1,880.33 on Friday.
Fleckenstein said the Federal Reserve's quantitative easing program injected money into stocks and helped to fuel a yearslong bull market. He argued that equities currently lack a similar catalyst.
"The monetization that drove the market to the moon is out of play," he said.
Fleckenstein noted that he maintains a short position in shares of Intel, which plunged 9.1 percent Friday. On Thursday, the tech company reported earnings of 74 cents per share and revenue of $14.9 billion, which were flat and up 1 percent from the previous year, respectively.
However, sales for its crucial data center unit did not meet Wall Street expectations.