Leon Cooperman, founder of Omega Advisors, said Wednesday that the current bull market will take another leg higher before coming to an end.
The current bull market started in March 2009 and is the longest on record. In that time, the S&P 500 has surged more than 300%. The S&P 500 has had a stellar year thus far, rallying about 20% through Tuesday's close.
However, investors have recently struggled with fears of an economic recession.
"There's one more leg left in the market. It could be 10% up over the next six months," Cooperman told CNBC's "Squawk Box." "I don't see euphoria other than in the IPO market, and that has already been corrected."
Data from around the world points to slower economic growth, and the U.S. manufacturing sector has been weighed down in part by the ongoing U.S.-China trade war.
"If the president resorts to another round of tariffs, that will increase the probability of a recession, and if we have a recession the stock market drops at least 25%," Cooperman said.
China and the U.S. said last week they reached an agreement for the first phase of a broader trade deal. However, multiple reports this week said China wants another round of talks before signing an agreement.
Copperman also warned that a presidential victory for Sen. Elizabeth Warren, D-Mass., could also send the stock market spiraling down by 25%. "You don't make poor people rich by making rich people poor," he said.