"think it likely" is correct and usable in written English.
It is typically used to express a reasonable prediction or conjecture about something. For example, "Given the current market conditions, I think it likely that housing prices will drop in the coming months."
"If you keep trying to add more and more into the bill, I think it likely collapses under its own weight," he said.
It intends to plough some of the money into upgrading old power stations, but analysts think it likely also to use cash to buy back its shares.
He did not think it likely.
But I don't think it likely that my novel is made up entirely of flaws".
"We think it likely to play a role in the human condition".
"If her crime were committed today, we think it likely that there would have been an issue of diminished responsibility for the jury to decide.
The people of the future will make their own decisions, and I think it likely that they will eventually venture to the Moon and beyond.
But bond investors seem to think it likely that many overextended borrowers, countries and corporations alike, will not have enough revenue to meet their obligations.
He does not think it likely that he would compete in a fleet in the UK, where he also has a rather under-used Jersey-based Melges 32 and enjoys shooting and fly fishing.
Even so, the authors think it likely that the benefits outweigh the costs.Third is a reduction of deficiencies in key "micronutrients", such as iodine, zinc, vitamin A and iron.
But Mr Blood points out that many firms already apply a price of carbon internally, for example when evaluating significant investments, as they increasingly think it likely that governments will impose one.
