As long as Arsenal can assess their losses and improve their attacking weaknesses, the season is still achievable. Furthermore, Liverpool certainly won't always perform consistently in every match. So, the stakes are still very high for each team fighting for their top spot. I believe, Liverpool and Arsenal are certain to occupy one of the top four spots.
These two teams are considered better prepared to face the challenge of competing for the title this season, considering the many changes that may have been made. But don't forget that Manchester City can't be ignored, even though they suffered their last defeat against Brighton.
There are still many matches to be played this season, and we will only see which team has the best chance as we enter the second half of the season.
Arsenal will certainly be looking to improve, having failed to reach the title in three seasons, and this season presents their best opportunity if they can perform better.