I remember this kind of a season from somewhere.

There was a season in the past in which Manchester City were even much worse than this situation in the Premier League. However they still captured the league title at the end by coming from really far behind.

Would this be another season in which they do the same?
I say why not? Because at the end of the day they still have the best squad in the league and the best manager who is Guardiola at the same time.
They are already doing great in the Champions League statistically and I believe that they will make things better soon here also.