### Historical Trajectory of Bitcoin Halvings and Projections for 2025

#### 1. First Halving (November 28, 2012):

- **Price before halving:** $12

- **Maximum price after halving (2013):** $1,100

- **Increase:** 9000%

#### 2. Second Halving (July 9, 2016):

- **Price before halving:** $650

- **Maximum price after halving (2017):** $20,000

- **Increase:** 3000%

#### 3. Third Halving (May 11, 2020):

- **Price before halving:** $9,000

- **Maximum price after halving (2021):** $69,000

- **Increase:** 667%

#### 4. Fourth Halving (Estimated April 2024):

- **Estimated price before halving:** $30,000 (approximate value and subject to change)

### Projections for Halving 2025:

1. **Comparing with the First Halving (9000% Increase):**

- **Estimated price before halving (2024):** $30,000

- **Price projection:** $30,000 * 90 = $2,700,000

2. **Comparing with the Second Halving (3000% Increase):**

- **Estimated price before halving (2024):** $30,000

- **Price projection:** $30,000 * 30 = $900,000

3. **Comparing with the Third Halving (667% Increase):**

- **Estimated price before halving (2024):** $30,000

- **Price projection:** $30,000 * 6.67 = $200,100

4. **Conservative projection (50% of the increase from the third halving, 333.5%):**

- **Estimated price before halving (2024):** $30,000

- **Price projection:** $30,000 * 3,335 = $100,050

### Summary of Projections:

- **Highest projection (Compared to the First Halving):** $2,700,000

- **High intermediate projection (Comparing with the Second Halving):** $900,000

- **Low intermediate projection (Compared to the Third Halving):** $200,100

- **Conservative projection (50% of the Third Halving increase):** $100,050

These projections are based on historical increases from past halvings and may vary significantly due to market and economic factors.