I'm working on a site impacted by poor links. In one day, about 10,000 links were removed by 404'ing the pages with tons of bad links. There was about 33,000 links total in BL profile.
After 404 day, search queries went super flat. If you look at the history, fluctuations in queries are much greater and more frequent (with a general down direction). See the image below.
Any ideas? Thanks.