Right now there arent any high probability pathways in existance for the bitcoin price. That is to say, it's not really clear. Sentiment is probably slightly positive on balance and it seems there may be some room for another correction, but most of the weak hands seem to have sold out now.

It's very possible we are close to the bottom now and preparing ourselves for the next big bull market.

Having said that, there is also a strong possibility that bitcoin may go down more.

The future path of bitcoin is now in the hands of the politicians. Bitcoin has hit the mainstream and is now (for all intensive purposes) a standard financial asset, that is traded amoungst professional traders and fund managers. It is not going to get more mainstream than that until we see a big change in the wider economic circumstances.

That said, the price may go up, it may go down over the next few months but, barring any "black swan" events (which actually are now less black swan than you might think), I can't see it moving up alot if at all.

There are circumstances however under which the price could move down, namely if people loose faith in bitcoin, or dump coins because they are no longer getting rich quick. However as said before, I think we have just been through that period of shaking out.

In summary, no significant moves predicted yet in either direction for the time being but stay tuned, with eyes focused on the macro situation. That's where new drivers of the price may emerge.

PS. Whether a deflationary or inflationary trend takes hold, then bitcoin prices may go up. However in the case of a deflation first, prices may initially decline, to be followed by a subsequent increase during an inflationary period. There is a chance that with the Eurozone announcing QE, we are now at the end of the deflationary phase and beginning of the inflationary phase that so many pundits have been forecasting since the 2008 financial crash.

TLDR;

short-term BTC price prognosis: weak bullish.