Liverpool are favourite for all the competition that they're still in as they're not slowing down but playing very well and defeating every club that they come across. I can't remember last time that I saw Liverpool losing and they're also scoring good goals in all their games. The premier league is theirs already as no club can challenge them. Arsenal that was trying, has just lost the race and can now only try to stay in the top 4 as other clubs are also trying their best to stay consistent in the top 4 position. For the champions league, it'll be very hard for Liverpool as some other stronger clubs are still participating in the champions eague with hopes of winning.
As far as I know, Liverpool is currently participating in 3 competitions, namely the English league, the League Cup, and also the UCL. In all three competitions, Liverpool is indeed favored to win and get the trophy. Maybe the competition that Liverpool will definitely win is the League Cup. Because in the League Cup Liverpool managed to enter the final. Then in the final Liverpool will face Newcastle. I think Newcastle is not a tough opponent for Liverpool, so with that it is clear that Liverpool will most likely get the League Cup trophy.
Then in the English league, we must have known that Liverpool is currently dominating very well in the English league and for now I think it is a little impossible for other teams in the English league to be able to shift it. So the English league this season is also likely to be won by Liverpool.
Then talking about the UCL, I think Liverpool also has a very big chance of becoming champions. But it is true, the teams currently participating in the UCL can be said to be quite strong. Because there are teams like Barcelona, Real Madrid, Bayern, and also Inter. But even so, I think Liverpool still has great hope to get a trophy in the UCL, so with that, we'll just have to see how Liverpool fights in the UCL.