Arsenal's defeat at home to Manchester United last Sunday leaves them four points ahead of City at the top of the table.
"I've recently said that both teams would still drop points, but unfortunately we started the year in a negative form as we could've gained an emotional advantage and we didn't," Bernardo said.
"And then they could've distanced themselves from us even further but they didn't, so they gave us a bit of hope.
"Liverpool have won two league titles and we have won six in my time in England, so I've never experienced Arsenal winning the league.
"But the truth is that at the moment they're in a better position than us. There's still a lot of games to be played and every season is different. Without a doubt we still have hope and ambition to fight for this Premier League."