The forward began the match in impressive form but faded, like a few of his team-mates, as the game wore on.
He insists their hopes of glory are still alive but knows they must do better to keep up with the top two.
Arshavin said: "If you want to stay in the race for the championship we must win against such teams as Burnley.
"Despite this, we continue to believe Arsenal are still one of the main contenders for the title - and we are going to fight for it. But that draw was something we had not planned.
"I expected us to get all three points even after Burnley equalised."