The suggestion has been made following a run of form that has seen Boro lose all five of their Championship matches since the turn of the year.
"If it's a crisis, it's great to be in a crisis in the top six," said Mowbray.
"It's great to be in a crisis three points off promotion, it's great to be in a crisis in the fifth round of the FA Cup and possibly having Chelsea coming to town.
"You tell me. I'll tell you how we are after the last 16 games. If we finish in second place, this will probably be perceived as a blip."
Mowbray's team will play host to Leeds United at the Riverside Stadium this evening.