First, confirm the drop is real
Before diagnosing, make sure you are measuring the right thing. Open Google Search Console (not just analytics) and compare the same periods. Separate rankings from traffic: a position can hold while clicks fall (a SERP-layout or seasonality change), or positions can slip while traffic looks flat.
Note the exact date the decline began. That single data point is your most powerful diagnostic, because it lets you line the drop up against the possible causes below. A gradual slide and an overnight cliff mean very different things.