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They are 6 points away from the club in the top 4 currently occupied by Leipzig. That's a pretty tiring distance to chase, but considering the number of matches remaining in the Bundesliha there are still a lot of points that are still very much in the chase. I think to be in the top 4 is still very doable, but I doubt if chasing the top of the table, because their point gap is now far away, and with the appearance of the club that occupies the top position, it looks like an impossible thing to do.
Indeed in football nothing is impossible, as long as there is still a chance as long as they still have a chance, but we also have to be realistic with what is happening at this time. Moreover, the ones they are chasing are also among the clubs that dominated the league for more than a decade.
Dortmund is in the 5th position right now. The past few weeks have been pretty bad for them. In the last 5 matches, they have only 1 win. They have 3 draws and one loss other than that. That is definitely not good enough from them. Now if I were asked if they will be able to finish in the top four or not, I would probably say that it is possible, and maybe even probable. But the way they are performing right now, it doesn't seem like they will be able to have consistent performance in recent future. So I wouldn't be so confident about them as well.
Dortmund seems to have lost its identity this season, because usually they are the ones who always compete closely with Bayern Munchen. But now their performance has declined, leaving other clubs like Laverkusen to compete with Bayern. Regarding Dortmund chances of returning to the top four of the standings, I predict that this is very realistic for them, because there are still many matches left in the second half of the season. In short, Dortmund has a chance to finish in the UCL zone, but to compete and enliven the trophy hunt I think is very difficult.
Dortmund should not release important players too often, so that the transition period in the squad is well maintained. It must be admitted that currently Dortmund feels the sense of loss, because they appear inconsistent in the hunt for the Bundesliga trophy. The point gap with Laverkusen is very difficult to reduce, but overtaking Leipzig still makes sense.