I'd not heard the 70 points thing, but had a quick looksee: last season 3rd & 4th finished on 69 & 70 points, and at this point (date-wise) we'd played 30 & those around us had played 31, whereas we're in the opposite position now, and we had 2 less points & were a position lower. So we were pretty much in the same position both points and position-wise.
There were also only 5 points separating 3rd-5th (currently 4pts). The interesting difference for me is in 2nd place; Man City are 9 points lower now than they were then, meaning that second place is obtainable (I'm not saying I'm aiming for it, I'm talking big picture and the mental impact external factors have), which has never really been the case for us before. I get the impression that there's been that 'look up' mentality instilled through the team this year, whereas you could argue in other years there tends to be a 'look at Arsenal' mentality.
Let's not forget, last year we had a downturn, but there were a lot of outside factors influencing it - 'Arry's court case, the England Manager's role, etc etc - and we still finished 4th by 4 clear points, only 1 point off 3rd. Chelsea are still in not one but 2 cups (a lot's been made of today being's their first game of 6 in 16 days), and are still massively inconsistent, and who knows what'll happen to Man City once they mathematically can't catch Man U?
I guess what I'm saying is this season's been a funny one, 2 wins on the bounce and we're tiitle challenging and 2 consecutive losses & we're relegation fodder; the fat lady's not even warming up yet so let's not write anything off and be supporters in the literal sense of the word.