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I think all clubs have their own strengths and weaknesses, and Real Madrid is no different. The best opportunity that Madrid management can use is the January 2024 transfer market, to recruit a number of new players to increase the club strength to make it more promising. Ancelotti is very ambitious about ending his tenure with various trophies before coaching the Brazilian National Team. With the depth of the squad he currently has, I think he can realize his ambition, even though they sometimes have difficulty winning, but what is clear is that they have handled it well so far.
At the top of the La Liga standings and Group C of the Champions League, it is a fact that Madrid deserves to be the favorite, because on the other hand, Man City, Bayern Munchen, Barcelona and Inter Milan are having difficulty topping two standings at the same time, I mean this list of clubs. Each also has its weak sides.
Even though many people continue to talk about Real Madrid's weaknesses this season, the fact is that all of this is still refuted by the good performance of their players. Real Madrid is leading La Liga at the moment and they are also leading the standings in the Champions League. I'm not sure what there is to doubt if the players are able to maintain consistency of form, unless they are really bad and fail to win many games.
Apart from Bayern Munich, Manchester City, Inter and several other teams, I will always say Real Madrid is the favorite. Real Madrid has a great history in this competition and the strength of the team and its experience cannot be doubted, but failure may come when other teams can play more effectively than Real Madrid.