Bitcoin price recently dipped to a new low of $82,000 before rebounding. A reputed crypto analyst believes this drop signals the beginning of Bitcoin’s local bottom formation, suggesting a potential bullish rally is underway. This prediction comes after Bitcoin’s RSI entered oversold territory, a pattern that historically preceded significant drops. The analyst notes that the same pattern occurred during past market bottoms, hinting at Bitcoin reaching higher highs soon. The analyst also observed similar behavior in Ethereum (ETH) after a significant weekly drop, with historical price patterns pointing towards an imminent local bottom formation for ETH as well.