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I am certain that Liverpool will get back into the Champions League this year at the very least. As for whether or not Liverpool will win the title, it's impossible to say while the summer transfer activity is still at its busiest point.
What I can say, is that Liverpool will achieve a top-three finish because the core of the team is one of the strongest in the league, and along with the high level of player quality is the management team of Dalglish and Clarke—which is one of the best in the Premier League.
Last season, Manchester United didn't so much win the title, rather Arsenal and Chelsea chose to lose it. This year, it will also be important what the other rival teams do. Currently, Arsenal seem to be in the position Liverpool were in this time last year—desperately trying to keep hold of their big stars. Van Persie, Fabregas, Nasri have all voiced a desire to leave and at least one of them will make the same decision as Gael Clichy to seek pastures anew. Chelsea are in need of a rebuild, and have a young, inexperienced manager with no Premiership experience who I think will struggle in his first year.
And then there's Manchester City, who are about to lose their leading star, Carlos Tevez.
The coming season will see Liverpool and Manchester United fighting it out at the top, with either Manchester City or Chelsea making up the numbers in the title race. But, at the end of the season, the quality of players and managerial stability will see either Liverpool tying United with a 19th title, or Manchester United getting No. 20.
Whether or not Liverpool make the right signings (a left back, and a centre half) before the transfer window closes, may be a decisive factor.