Arsenal moved to within six points of leaders Chelsea on Wednesday when they beat Liverpool 1-0 at the Emirates Stadium, while Chelsea lost 2-1 at Everton and Manchester United drew 1-1 at Aston Villa.
With 26 matches played, Chelsea have 58 points, United are on 57, Arsenal have 52 with Liverpool on 44.
"Of course, the result is good for us, but if we want to be champions we have to win all our remaining games. It's difficult to say whether it's (do-able), but after these results, it looks real," Arshavin said on his personal website.
"Back to the Liverpool game, I think that there were nearly equal teams playing. I liked the way we played.
"We were not afraid to play, the whole team was well co-ordinated. If I can say so, all the Arsenal players played the same football, that is we understood each other and combined."
A header from Abou Diaby 18 minutes from time secured the victory but Arshavin had been replaced by then because of a leg injury.
He added: "It is hard to say how serious it is, I'll have my leg scanned. I didn't see the goal because I was in a room under the stands with the doctors and while we were looking for the TV remote, Diaby scored."
Arsenal have twice seen their title hopes written off this season - the first time after they were beaten 3-0 at home by Chelsea in November to trail the leaders by 11 points.
They were also written off after successive defeats to Manchester United and Chelsea in the last two weeks left them nine points behind Chelsea, but that gap has now been cut to six.
Also, with the Liverpool match played, they have completed all their fixtures against their top four rivals.
Asked afterwards if he thought Arsenal could still win the league for the first time since 2004, manager Arsene Wenger said he believed they could.
"It was a massive result for us," he told reporters, "We believe in our chances. I don't see any mathematical reason why we shouldn't believe we can still do it. Why not?"
