You can use a correlated sub-query...
UPDATE
myTable
SET
value = (SELECT value FROM myTable AS NextValue WHERE sensorID = myTable.SensorID AND timestampMS > myTable.timestampMS ORDER BY timestampMS ASC LIMIT 1)
WHERE
value = 6554
The sub-query gets all the following results, ordered by timestampMS and takes just the first one; That being the next value for that SensorID.
Note: If no "next" value exists, it will attempt to update with a value of NULL. To get around this, you can add this to the WHERE clause...
AND EXISTS (SELECT value FROM myTable AS NextValue WHERE sensorID = myTable.SensorID AND timestampMS > myTable.timestampMS ORDER BY timestampMS ASC LIMIT 1)
EDIT
Or, to be shorter, just use IFNULL(<sub_query>, value)
...
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