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Yes, you must have a Gnd. Cable going from frame to the engine block. Usually located between starter and motor mount. This cable is typically about 14" long and app. #2 gauge wire.
You will probably have to cut the zip tie (thin exacto blade?) and trace it to source. Since it is not connected to anything you will have to find the root anyway- then you will have your answer.
can't tell from the pic. but you must have heavy Gnd. wire (Battery cable size)
from Frame to Starter/Block. ... if you don't you will have issues.
I don't know about a 69, but on 79, that ground wire goes from the left frame rail to the front of the left head - no where near the starter. The starter grounds thru the block. My money is on a plug wire too, and the zip tie was just to keep it in place (before it was cut). It might have accidentally gotten pinched by something that was replaced (starter, motor mount?) and the a previous owner just cut/replaced it instead of taking it apart again?
I'm guessing that someone installed a new power cable from battery to the starter and abandoned the old cable. After changing mine I can understand why, properly routing the cable is a PITA.