I agree with you that Manchester City is playing weaker football compared to the one they played last season. Last season, Manchester City's performance was amazing, and they scored a lot of goals against their opponents, which helped them win the Premier League trophy last season. Since Manchester City is struggling to score enough goals against their opponent, that doesn't mean that Liverpool has a higher chance of winning the league, because if Manchester City fails to overtake Liverpool in the league table, Arsenal will do that.
What makes you think Arsenal will do it? Yes, they're good now too, but they, generally like MC and Liverpool can make a mistake and drop out of the championship race. If you think about it that way, not too far behind all of them is Aston Vila, maybe they will still fight too, although I don't believe that, but anything can happen
Manchester City, Liverpool and Arsenal are all likely to drop points. The Premier League is a very competitive league. There are many teams who are capable of performing well and have strong squads. So even though Manchester City, Arsenal and Liverpool are in very good form, they are likely to drop points in the upcoming matches.
It is impossible to say which of these three teams will win the title. These teams are consistently playing well. However, if one of the teams lose consistency and lose a match, they will fall behind in the title race. Liverpool are now somewhat in the safe zone with 63 points from 27 matches. But I am looking forward to Liverpool's next match. Liverpool is going to face Manchester City in the next match.
The English Premier League is not an easy league where a particular team that is in good form will be winning all their matches till the end of the season as we saw in the case of Napoli last season and the present league leaders in SeriaA Inter Milan, EPL teams are no small teams as the least expected team will turn out ro be the team that will defeat the elite team so yes the three teams you already mentioned will definitely drop points regardless of their current performance now.
One team among the three teams will surely win the league but looking at the current form and performance of the teams, the match between Manchester City and Liverpool should give Arsenal an edge to climb up because a lost from any side will push them to the second place and right now they have a stronger force in the form because they have less injuries and they are hot both their attackers and defenders.