The north London side threw away a one-goal lead to concede twice in the final 20 minutes and lose 2-1 to Swansea City at Liberty Stadium on Sunday.
I feel they will eventually get in the top four. It will be difficult to win a cup but they’re nowhere near winning the league
Summer signing Alexis Sanchez broke the deadlock in the second half, but Gylfi Sigurdsson and substitute Bafetimbi Gomis turned the game on its head.
And former Liverpool striker Bellamy claimed that Arsenal have taken steps backwards over the summer after their title challenge last season.
“I feel they will eventually start picking up points on a regular basis. I feel they will be top four. But it is the same Arsenal,” Bellamy told Sky Sports.
“Every year you feel is this a chance for them to win the league. I feel they’ve gone back from last year. I know that sounds crazy after signing Alexis Sanchez.
“I feel they will eventually get in the top four. It will be difficult to win a cup but they’re nowhere near winning the league.”
Arsenal are sixth in the table and two points behind fourth-placed West Ham United.
MORE: Man United latest news
MORE: Arsenal latest news
MORE: Chelsea latest news
MORE: Liverpool latest news