Is a simple analogy, if there is war, there will definitely be panic in the economy and people will be rushing to sell off the Bitcoin either to buy other things that they need or selling out of fear that the Price will drop because of the war, so for that during whatever war, there is always a market high volatilities because of the fuds that comes along with war.
This makes a lot of sense but where I'm having some challenge is that even when the war is between countries that are not big holders of Bitcoin, the price of Bitcoin still fluctuate and sometimes dump so hard. I don't know how to corroborate this with what you have stated regarding while proce dumps during wars.