Yes, Atletico Madrid has great potential to interfere with Real Madrid's chances of defending the title. My prediction this season is that the La Liga title race will be competitive again, even though many people still favor El Real.
It's still too early to say who can compete with Real Madrid in La Liga. Atlético start the last season also not bad, but then even Barcelona, which had a very difficult season, managed to get ahead them. So far, Real Madrid looks like the favorite for me, and in order not to get too far ahead, let's look at Saturday's match against Celta. I think that it will not be a problem for Real Madrid to beat them for odds 1.7, which is not bad at all.
La Liga is still controlled by three clubs that often take turns champion, Real Madrid, Barcelona and Atletico Madrid. Real Madrid are still the main favorites this season, but Ancelotti will need to rotate players in a few games to keep players fit because of the many games to be played this season. Hopefully the injury storm doesn't hit Real Madrid's players, because it will interfere with their performance a little if some of the main players get injured. Real Madrid also did not bring in many players in the transfer market, Ancelotti had to maintain the fitness of the players so that they had a chance to champion by keeping the main players from entering the treatment room.