It is going a lot higher than $120. It could easily go to $270 and possibly $400. There is definitely a bubble in the US Treasury Bonds. I do not believe the Fed can hold down interest rates. People will panic one day soon and start dumping bonds just like they dumped houses in 2007 and 2008, and like they dumped hi-tech in 2002. You will see the bond market plummet very shortly. Ben Bernake will not be able to print enough $ to hold up the bond market.
Look at the 30 year bond. The latest sale of the 30 year has a coupon of 2.875%. The yield today is 3.16%. The poor folks who bought that bond already have a huge loss. The loss is going to get greater, and people will panic and dump the 30 year.