HELP！My website traffic dropped by over 50%

How can I check what caused the traffic drop and how to fix it?

Or is it a core update and I should wait until the update is finished to see if the traffic will recover?

Before taking any action.
Check for the keyword that has suddenly dropped from the ranking.
Once you find out those keywords, then log in to GA and check for the related pages for user behaviour and the bounce rate.
If the bounce rate is high and the user switches to a different website or exits your website so quickly, then it's an issue with your content.
If it's not the issue, check for your competitors and compare your backlink profile and content.
Log in to GSC and check for any manual action (I don't think it's the issue because ranking drop and traffic drop are quite common nowadays).

If everything is fine, but traffic still drops the do the following
Build some more quality backlinks
Check the content quality or update the outdated content.
Check for the internal links (hidden gems for ranking and traffic).

If your website is an e-commerce store, then check for the product images, description, bulleted points and pricing first.

Check Google Search Console for drops in impressions, positions or indexing issues. Compare affected pages/keywords before and after the drop. If the timing matches a core update, monitor for a few weeks-recovery often depends on content quality and E-E-A-T.

Use Google Analytics and Search Console to identify the cause, whether it's technical issues, algorithm updates, or content-related problems. Review traffic sources, user behaviour and page views to understand the decline.

Check which pages lost the most traffic, improve their content or speed, and then hit “Request Indexing” in Search Console.

Can you clarify further like the niche?
Also, check for backlinks removal, which page is affected, check for warnings and errors in search console too.

Nice amount of traffic you have.
Further than doing what was suggested above, plug a couple of PBN's to get your traffic back to usual.

Nice traffic. You should check your backlinks, maybe you got hit by the algorithm update.

That kind of drop can be stressful. It’s a good idea to first check Search Console for any technical issues or warnings.
Also, compare your top-performing pages before and after the drop sometimes one or two key pages losing visibility can impact the whole site. If a core update is involved, it might take some time to see where things settle, but reviewing content quality and overall structure can help in the meantime.

Check Google Search Console for indexing or manual action issues. Compare traffic sources in GA4 to identify drops (e.g., search, referral). Review recent content or SEO changes. Also, monitor SEO news—it could be a Google core update. Recovery may take time.

Been there, traffic dips always feel worse when there’s no clear reason.
First thing I usually do:
Compare before/after in Google Search Console, Look at top pages, queries, countries. Did one page tank or is it site-wide? Sometimes it's just one keyword losing steam.
Then check your ranking changes with a tool like Ahrefs or SERPRobot. Even a 3-spot drop on a high-volume keyword can feel massive.

I wouldn’t rush a full site overhaul during an update, but I would start preparing better content now. Updates come and go, but solid content tends to survive the long game.

If you're a blog, Google's AI crawler probably scooped all the data to create summaries for your site. If you're a business website, you'll have to research your competitors and look for signs in your analytics.