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Indeed. If Real Madrid fail to maintain good performance, they won't survive in UCL. Although Real Madrid has a nice history in UCL, it doesn't mean they don't need to do hard work to stay as the favorite team. UCL is the highest football competition, there is no space for lazy team in this competition. However, it is true that Real Madrid showed us their consistent in the last few matches. They could maintain their position in the top table of La Liga and they always won the matches in UCL group stage. It indicates that Real Madrid commits to keep their chance for winning the titles both in La Liga and UCL.
Yes, they succeed to beat Barcelona in the last match in La Liga. Again, Bellingham becomes the most shining player in the match. This can be a special motivation for Real Madrid to continue their positive performance. With this condition, we can trust Real Madrid to reach the final round in UCL. They seem ready for the knockout phase.
Real Madrid seems to have become dependent on Bellingham this season, otherwise they will always have difficulty winning matches. Bellingham of course likes to do everything to make his team win the match, but if Real Madrid relies too much on his performance and goal opportunities to win, then I'm sure they will have a very difficult time winning if the opposing team keeps a close guard on Bellingham throughout the match.
Real Madrid is the favorite team in every Champions League season, I admit that's true. But since several Premier League teams have broken the dominance of La Liga teams in the Champions League, I think Real Madrid's chances will not be too big. Manchester City is the favorite team too, they will definitely fight to defend their title this season.