Whitmarsh was delighted to see his cars look competitive again in Sunday's German Grand Prix a fortnight following an embarrassing performance in front of thousands of fans at Silverstone.
With a raft of updates on the car, Jenson Button returned to form to finish third, later converted to second by the stewards after Sebastian Vettel was penalised for an illegal overtake on the 32-year-old.
Team-mate Lewis Hamilton also appeared considerably quick in dry conditions, but a puncture on lap two resulted in damage as he returned to the pits, forcing him to retire 10 laps from home.
With in-form Fernando Alonso collecting his third win this year, Hamilton and Button are 62 and 86 points adrift respectively of the Ferrari driver at the halfway point of the 20-race campaign.
Whitmarsh, though, has far from given up hope his drivers will be fighting it out in the season finale in Brazil.
"We're at the halfway point, we've a lot of racing ahead of us, and they can both do it," said Whitmarsh.
"This season is going to go to the very end. I believe we will be sat on the edge of our seats in the last few laps of the Brazilian Grand Prix.
"And I hope I'm in deep agony on those last few laps because it means we're in contention to win."
Whitmarsh concedes Ferrari's turnaround, from a start to the year when they were hopelessly off the pace to Alonso winning three grands prix and leading by 34 points, has been remarkable.
But it underlines what his team can also achieve over the second half of the campaign.
Whitmarsh added: "Coming out of Melbourne you would have said we were on a roll and they were in trouble, but they've done a great job. I have to congratulate them.
"But we can do the same sort of turnaround. We're on the pace now, so we just have to keep pushing, keep the faith, focused, don't make mistakes.
"The team are doing a good job, both our drivers are capable of winning races, and they are both still capable of winning this year's world championship."
Alonso, however, is currently on a run of 22 consecutive races in the points, two shy of equalling the record.
Button, for one, is naturally hoping that comes to an end and the Spaniard starts to endure a touch of misfortune along the way.
Button said: "We just have to hope they do get a little bit of bad luck like we've had.
"It could easily turn around for him, but at the moment, I must say he is doing a great job and he deserves to be where he is."