Sheffield Wednesday are unbeaten in their last seven matches in all competitions.
The Owls are unbeaten in their last seven matches in all competitions, allowing them to progress in the League Cup and up the Championship standings.
However, Hinchcliffe believes that teams are starting to take notice of Wednesday now, and he fears that the rising expectations could work against them.
"The new owners have come in and they have a lot of money to spend," he said. "Carlos Carvalhal has also come in with a good philosophy of how he wants to play, so clearly things are moving in the right direction.
"They are on a fantastic run, and they want to stay under-the-radar, but the problem is that if you go on these long runs, and if they can beat Arsenal in the League Cup, people will start taking notice of Wednesday. They will then expect more from them.
"So I think this season may be more about progression. Next season they will be in with a great chance of getting promoted. But people are starting to take a look at Wednesday now, and that could be a problem, for me. They want to stay under-the-radar for as long as possible."
Despite Hinchcliffe's words of caution, Wednesday's start to the new campaign has generated plenty of optimism around Hillsborough.
Although Wednesday struggled in their opening fixtures, they have really clicked into gear now and are playing some brilliant football.
The Owls have looked dangerous going forward, but they have also shown themselves to be solid at the back and few teams will have enjoyed playing against them.
Wednesday's next match comes against Rotherham United on Friday evening, and they will move to within one point of the play-off places in the Championship if they are able to emerge victorious in that derby clash.