The Forest boss believes the Championship is there for the taking as none of its 24 sides are consistent enough at present.
And that extends to Derby County, says the 52-year-old, who are top of the table but lost to Leeds United last weekend.
“There are 24 teams in this division who are striving for consistency,” Pearce told reporters. “There is not one team who can say, at this moment in time, that they have run away with things. Normally you think that an average of two points per game is going to be enough to win you promotion.
“But no team in this league has achieved that average, at the minute. Derby are top, but they are a few points shy of that points tally. Maybe the points tally this season will be slightly lower, when it comes to what is needed to win promotion.
“I have a feeling that, after Christmas, one or two teams will put a surge together. Who that will be is anyone’s guess. But it adds to the excitement.”
Derby host Brighton tomorrow afternoon at 3pm, while Nottingham Forest play Charlton Athletic at the City Ground at the same time.