Hodgson saw his Fulham side consign Liverpool to their fifth league defeat of the season with a 3-1 victory at Craven Cottage on Saturday.
It was Liverpool's sixth defeat in seven matches in all competitions and they languish nine points behind leaders Chelsea.
But Hodgson told Five Live's Sportsweek: "You never know. They are a very good team, very well organised. They have some very good players and are unlucky at the moment that their talisman Steven Gerrard isn't playing and (Fernando) Torres isn't 100% fit and has to be nursed through the games.
"But I can see them going on a really good run when they win seven, eight, nine games in a row and if that was to coincide with one or two defeats for the other top teams they would soon be up there again.
"With a quarter of the season gone it is very early to be writing anybody off. I remember not so long ago Manchester United were lingering in the middle of the table almost halfway through the season and went on to win it."