Of course there is a possibility for Real Madrid to qualify for the final by eliminating Bayern Munich. However, it is still difficult to say that this will become a reality because Bayern Munich also has the ambition to win a ticket to the final when they are already on the right track by eliminating Arsenal. This match is really tough, but Real Madrid is favored with a lot of experience and titles.
When I saw Real Madrid's performance in beating last season's UCL title holders, Man City, it made me believe again that Real Madrid should also be able to beat Bayern Munich. In this case, Bayern is indeed strong, it cannot be denied that they are a strong team. However, their strength is not completely equal, like Man City has where their strength is evenly distributed across all lines. Because of that, I am sure that Ancelotti can create a strategy that can control and handle Bayern Munich well. And win the UCL trophy again later. It will be an interesting too if we see Real Madrid will be in the final with PSG.
Although the probability of Bayern Munich beating Real Madrid seems like 50%, this rate becomes 70/30 when we consider the team differences and the situation during the season. Real Madrid will advance to the next round, it's almost certain. However, the Atalanta - Liverpool match showed us that there is nothing certain in football. A team that reaches the semi-finals is very strong, that's for sure.