"I think I love you" can mean many things. It can simply mean what it says: that the person is not sure, but but may love you.
Unfortunately, those words can be used simply to say what someone thinks you want to hear. For example, someone may say "I think I love you" to get you to do something they want you to do, possibly to have sex.
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"I think I love you" typically conveys the sentiment that the speaker has strong feelings of affection towards the person they are addressing, but they are uncertain or hesitant about the depth or nature of those feelings. It suggests a developing emotional connection that may be evolving into love.