The Arsenal boss believes the Reds have the quality to put their recent crap results behind them and to climb up the table into the top four.
"I believe Liverpool are a good side and when they get their confidence back they can beat anyone in the league," said Wenger.
"With Gerrard and Torres back fit and Aquilani starting to play, many teams will drop points here.
"In the first half they were very impressive but at the moment Liverpool don't have the confidence they had last year.
"It's difficult to play for 90 minutes at the pace they played in the first half. And because they didn't score the second goal there was doubt in their minds at half-time. The game wasn't won.
"They played a pace above us in the first half and won all the 50-50s. To only be 1-0 down at half-time was a good score for us. We got lucky with our first goal but after that we controlled the game.
"The fear was in Liverpool's camp in the second half."