The Reds sit top of the Premier League table at Christmas.
But Shearer told Betfair: "Look, there's still plenty to play for.
"But Liverpool look really impressive, I know they've conceded a few goals, two at Newcastle, two at home against Fulham and three on Sunday.
"But their performance against Spurs and their response was magnificent, particularly after Chelsea drawing and Arsenal winning and putting a little bit of pressure on them.
"They looked really at it and a strong outfit with players that are ready to come off the bench and help their team. They're going to take some beating, definitely.
"I think this season has been a really different season so far for so many reasons. Look at Bournemouth, Forest, Chelsea, even Liverpool with their new manager.
"There are so many different things that have gone on and the unpredictability that we've seen up to now has been incredible."