Kenny Dalglish’s side have already secured Carling Cup this season and have an FA Cup quarter-final with Stoke City in ten days time on Merseyside.
However, the Reds suffered a last-gasp loss to Arsenal at home on Saturday, which damaged their chances of Champions League qualification this season and Bellamy thinks they’re domination in that game shows the squad have what it takes to be successful, despite the morale-sapping defeat.
“Talking as a Liverpool fan and not as a player, this is a good Liverpool team,” he said on the official Liverpool website.
“Sitting on the bench, I was a spectator for the Arsenal game and whenever I watch this team I like what I see.
“We played some great football. But we didn't make it count last Saturday and unfortunately a lot of games have been like that.”
This has been a recurring problem for Dalglish’s side this season, with Liverpool having the worst chance conversion rate and the number of times hitting the woodwork in the Premier League.
This lack of goals had led to criticism for a number of players’ inability to finish off the numerous chances being created - £35million striker Andy Carroll is one of these.
However, Bellamy does not think this can last forever and believes that only small changes need to happen for the side to realise some of the potential they have been showing.
The Welshman also insisted that even if all is not well, the club has had a successful season so far and can take a lot from it so far.
“We haven't got the results in the league this season that a lot of our play has deserved,” he added.
“I think the personnel are here. It's just fine margins - we're that close.
“We won the Carling Cup, we're still in the FA Cup and we've still got plenty to play for in the league.
“That's not a bad season. There's a lot to be positive about.”