With a combination of the way everyone else is up and down, the confidence surging through the squad under Klopp that's making them believe they can beat anyone, as has been witnessed in spectacular style the past month or so, and a major player completely out of the equation for this season; I see no reason why we wouldn't be seriously challenging.
We've gotten our toughest 7 away fixtures out the way (Arsenal, Chelsea, City, Everton, Utd, 'Spurs and the battle that always is Stoke), and come through with a bonus 3 wins and only one defeat. We're playing as well as, if not currently better, than anyone else the league on a great run of 7 wins out of 8. Europe comfortably put to bed until February. The League Cup put aside until January's semi. And a win today see's us move to within 6 of the top (which with the greatest of respect to them I don't think anyone expects Leicester to be in the top 4, let alone top come May); and within 4 points of everyone else. And the injury situation is clearing up just in time for the Chrimbo period. Which is a very winnable set of games leading right into the New Year.
The major hurdle to overcome for ourselves is transitioning the fantastic away form into home wins. Even scrawny, scummy wins like last Sunday are a big step forward when we've been very prone to drawing or losing those games at Anfield we should win.
There's always the nagging fear in the back of your mind, down to years and years of let downs, that we'll screw up where we shouldn't and not beat who we should (today I see going one of two ways. Either we score early and absolutely muller them. Or Pardew bunkers in, we struggle to break that down, and come away with a frustrating 1-1 say); but I'm VERY confident that we'll be right up there challenging all season long. Nobody stands out as being significantly better and I honestly wouldn't like to call the top 4 places as I type. Never mind the League.
Where that ultimately takes us this year time will tell. But having one of the best managers out there is one **** of a leveller and it's one heck of a fun ride to be on.
*Edit* The only downside is everyone else is now catching on and the bookies now have us as low as 5/6-1 along with Utd from 66 the morning of the City game.