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.
Because the world is tied to each other economically. So if you see price of bitcoin go down, when two tribes fight each other, you still get bad results. Like some African tribe fighting each other, how bad could it be? How could that be about bitcoin? Then you check, tribes are near some resource, material, for EV cars to work and then you realize EV production drops, then you realize, that is based on employment because when those companies do not make money, they do not hire, or they even fire etc.
Suddenly, it all makes sense of course. This is how we realize that even if you are seeing war or anything disruptive really, the price would go down. Even if something like floods, earthquake, fires etc could impact it if it's at the right place .Hollywood fires did made the price go down.