Your mental model is close. Predictors generally work by having some sort of table of predictions and indexing into that table (usually using some sort of hashing) to obtain the predictions.

The simplest thing to do is use the address of the branch instruction as the index into the table. That way, each branch instruction maps onto a (not necessarily unique) entry in the table. Those entries will usually be a two-bit saturating counter that predicts either taken, not taken, or unknown.

But you can add additional information to the key. For example, a gselect predictor maintains a shift register with the outcome of the last M branches. Then it combines that shift register along with the address of the branch instruction to index into the table: https://people.cs.pitt.edu/~childers/CS2410/slides/lect-bran... (page 9). That means that the same branch instruction will map to multiple entries of the table, depending on the pattern of branches in the shift register. So you can get different predictions for the same branch depending on what else has happened.

That, for example, let’s you predict small-iteration loops. Say you have a loop inside a loop, where the inner loop iterates 4 times. So you’ll have a taken branch (back to the loop header) three times but then a not-taken branch on the fourth. If you track that in the branch history shift register, you might get something like this (with 1s being taken branches):

11101110

If you use this to index into a large enough branch table, the table entries corresponding to the shift register ending in “0111” will have a prediction that the branch will be not taken (i.e. the next outcome will be a 0) while the table entries corresponding to the shift register ending in say “1110” will have a prediction that the next branch will be taken.

So the basic principle of having a big table of branch predictions can be extended in many ways by using various information to index into the table.