It indeed can hit the $1200 level soon, but with BU fud going through the market the price can also tank down to $1000 within 24 hours. Fact is that there is quite a strong level of resistance at ~$1100 levels, in that regard, I wouldn't focus too much on the $1200 level for now. Especially when you consider that the price is moving within a certain range, that at the same time shows no real indication of moving outside that range.