Is Bonnie forming near the Bahamas?

At 8:25 a.m. Thursday the NHC released a Special Tropical Weather Outlook that says the area has a 70 percent chance of formation in the next five days: 

A low pressure area centered between Bermuda and the Bahamas is gradually becoming better defined while shower activity is increasing.

Environmental conditions are expected to become more conducive for tropical or subtropical cyclone formation on Friday while the system moves west-northwestward or northwestward toward
the southeastern United States coast.

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