I'm going for bottom half. Seriously, I don't think their squad has the depth or the fight to get any higher.
Gerrard is going to sulk more through the season when he realises his chances of winning the league are gone - he is never going to have the chance to join a top team again. Carragher is finished - he has been slowing down for years now. Yet in it's professional twilight, the Gerrard/Carragher behemoth will still maintain enough power to upset change. A good managerial decision would have been to flog these pair for whatever they could get, as soon as they came in, but to do so would bring on the obligatory death threats from the 'fans'.
There are better clubs playing better football than Liverpool. It used to be Manure and Chelsea, but that list now includes Spuds, Arsenal, Citeh, Newcastle and possibly Everton. There is a rot at Liverpool that looks like the clearly visible rot Newcastle had prior to relegation.
So this season, I expect Liverpool to finish below at least two of Villa, Stoke, West Brom, West Ham, Sunderland, Fulham and Swansea. Also below Newcastle, Everton and the other obvious five.
Personally, I still think they'll finish quite comfortably in the top 10. It's still early days.