The biblical basis is the numerous biblical texts which describe prophecy as a spiritual gift that should characterize God's people in the age of the New Covenant.
A simple definition of prophecy is that it's when we speak forth in merely human - and thus often fallible - words something that the Holy Spirit spontaneously brings to mind.
All prophecy is based on a revelation from God, but always operates at a lower level of authority than that of inspired Scripture.
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