Liverpool made their move in the title race as they returned to the top of the Barclays Premier League for the first time since Christmas with a comprehensive 4-0 victory over Tottenham.
Shearer said yesterday: "It's the most exciting title charge for years. Can Liverpool do it? Why not? They are the form team. But there will be many twist and turns before May is over."
Premier League
1 Liverpool 71
2 Chelsea 69
3 Man City 67
4 Arsenal 64
5 Everton 60
6 Tottenham 56
7 Man Utd 54
8 Southampton 48
9 Newcastle 46
10 Stoke City 40
11 West Ham 34
12 A Villa 34
13 Swansea 33
14 Hull City 33
15 Norwich 32
16 C Palace 31
17 West Brom 29
18 Cardiff 26
19 Sunderland 25
20 Fulham 24
The last four teams who occupied that position on December 25 went on to win the title but, after back-to-back defeats immediately dropped them to fifth by the turn of the year, questions were asked about the Reds' credentials.
In fact, since losing to Chelsea on December 29, Liverpool are unbeaten and have taken 35 out of a possible 39 points, which has elevated them to top spot with six games to go and answered their critics in stunning style.
Liverpool's shirts said 'Seeing is Believing', promoting sponsors Standard Chartered's global charitable initiative, and the prospect of a first title for 24 years is now closer than a speck on the horizon it has been for a couple of decades.
Anfield, where the Reds have dropped just five points all season, certainly believes, and Chelsea and Manchester City will not relish going there in the next month.
Tottenham, despite being sixth and supposedly still fighting for the top four, hardly posed a challenge. Liverpool have now scored nine unanswered goals against them this season - beating their previous best in a single campaign from 1914-15.
Everton continued to snap at the heels of the top four after plundering three second-half goals at Craven Cottage that nudged Fulham closer to relegation.
Having seen Fulham dominate the first 45 minutes, the Champions League-chasing Toffees responded with strikes from substitutes Kevin Mirallas and Steven Naismith and an own goal by David Stockdale.
It was Stockdale's unfortunate 50th-minute error that enabled Roberto Martinez's men to open the scoring, and although Fulham rallied with an outstanding strike from Ashkan Dejagah, they were quickly overwhelmed.
Only four points separate Everton from fourth-placed Arsenal - the rivals meet at Goodison next Sunday - with the Toffees also benefiting from having a game in hand.
The result leaves Fulham rooted to the foot of the table, five points adrift of safety and with just six games to secure a 14th successive season in the top flight.
That prospect appears bleak, even though Norwich, Hull and Crystal Palace are due to visit Craven Cottage over the coming weeks.