Liverpool will feel very pressured if they have to meet Real Madrid in the round of 16, because Real Madrid is a team that often has good performances in the Champions League and very often beats big teams from any league in the Champions League. It looks like Liverpool must really give everything if the next match in the Champions League meets Real Madrid directly, because Liverpool definitely knows that the quality of Real Madrid in the Champions League is still very important this season.
In football anything can happen. That's what we need to remember. Even though Real Madrid is the reigning champion of the Champions League and is still in the best form so far, it doesn't mean that we (Liverpool) cannot finish them if the draw for the last 16 is Real Madrid will face Liverpool.
Anyone who will face Real Madrid in the UEFA Champions League will definitely be difficult, but it is possible they can get rid of Real Madrid.
yes, that's how it is in football, anything is still possible but right now the pressure is on the Liverpool team and also PSG because they have qualified for the round of 16 as runners up which means they will face the group winners in the last 16.
it is true that whoever the opponent will face in the round of 16 does not rule out the possibility for any team to be able to go further, but if you are dealing with a team of quality and have a strong mentality on the European stage like Real Madrid of course it will be very troublesome and make chances of getting through to the next round will be smaller.