Speedometer Issues

A couple of days ago while I was warming up my car, the needle on the speedometer, shot up to 120 randomly. I thought I was seeing things, so I ignored it and started driving and when I hit 35 it dropped to 0, for about 5 minutes it went back to 35. The last couple of days it has been fine, but last night it did it again for a couple of minutes. Does anyone know whats going on? Is the cluster going bad, is it just a bad speed sensor, or loose wiring?