I think the reason some are saying $1.20 is because that's where it began that great climb to over $5 last July-August.
Keep in mind that's when all the great news was coming out. For now, that's not happening, and the shorts are capitalizing on that lack. For the more foolish of them, they are waiting for that $1.20 mark to cover.
There was no doubt the stock would see $1.52 again, despite some people's unrealistic expectations. Now the question is: how low will it go before it's a buy? We are somewhat in uncharted territory here. I would DEFINITELY NOT be buying yet. Look to $1.4 or so to start buying the drop.
Actually, it's best not to try and guess where the bottom is, but just to wait until it's clear. At this point, who knows how ugly it is going to get? One thing is for sure right now--it is NOT the bottom yet. Panic is setting in, but the blood is running yet.