Brendan Rodgers' side sit just two points behind top-flight leaders Arsenal after their 5-0 hammering of Tottenham on Sunday, and would move top of the table with a win over Cardiff City on Saturday.
But Suarez, who scored twice at White Hart Lane to take his tally to 17 goals in just 11 Premier League appearances this term, feels upcoming trips to Manchester City and Chelsea will prove the acid test as to whether Liverpool are ready to challenge for the title.
"I think it's too early to say," said the Uruguayan while talking about his side's title hopes.
"If we continue at this level the next two or three weeks we can win the league or we can finish in the top four.
"It's important we concentrate and focus on the next game. We know that after Cardiff we have two very, very big games (at City on December 26 and Chelsea three days later).
"That will be important to what comes next."
Suarez, who was speaking after receiving the Football Supporters' Federation Player of the Year Award on Monday, went on to express his gratitude to Liverpool fans for their reaction after his failed attempts to secure a switch away from Anfield in the close-season.
The 26-year-old publicly stated his desire to move to a club in the UEFA Champions League, with Arsenal having two bids for his services rejected.
However, Liverpool supporters have backed Suarez fully since his return from a 10-game ban for biting Chelsea's Branislav Ivanovic in April - a fact he considers the highlight of a "difficult" year.
"I was able to win the supporters back, and that was unbelievable when I came back to play," the former Ajax striker added.
"They helped me, and that was important for me, for my confidence, and for my family because they are together with me in this."
