The Leeds manager described the 2-1 reverse to the Terriers as "fatal" and admits there have been too many missed opportunities over the course of the season.
And with the Whites now seven points adrift of Leicester in sixth, Warnock says the play-offs may now be out of reach.
"We've had so many opportunities to be 10 or 12 points better off and the trouble is we've always been chasing," he told the club's official website.
"With the points we should have had you can afford a defeat like Saturday. You can absorb that and move on.
"Saturday felt like a fatal loss because of the points situation but you just have to keep going. I thought the fans were good as well on Saturday, they didn't get on the players' backs.
"I think the club is in a great position, it just needs a little bit of quality now. It's one thing we're missing. The new owners know that. I don't see why this squad won't be in the Premier League within the next 12-18 months.
"You can't fault the effort. You need a bit of a luck and the rub of the green. Beating Huddersfield would have been a great performance, but it wasn't to be."