The bond market is suffering from 'Old Testament capitulation' and still isn't near the end of its rout, market veteran says

• The bond market is suffering from "Old Testament capitulation," Jim Bianco told CNBC.
• Bond investors have been "getting their brains beat in, and they can't take it anymore."
• The market veteran also said bonds are in a secular bear market with several more years to go.

The sharp sell-off in bonds will continue, and investors are starting to give up on their earlier bullish bets, market veteran Jim Bianco told CNBC on Tuesday.

According to the president of Bianco Research, the bond market is in a secular bear market that has several more years to go, adding "I don't think we're near the end of this move in the bond market."