It is clear that Liverpool are favourites in the upcoming game, but this does not mean that they will try to take the full three points. They have practically guaranteed themselves a place in the top 8, why should they strain themselves/risk if a draw suits them just fine? There is no difference between 1st or 3rd-4th-5th place. In parallel, every point in the Premier League is worth all the gold, I think that they are focusing primarily on the Premier League now.
Liverpool might be having the best of there season yet, in the FPL and UCL alike as opposed to Real Madrid that are having difficulty in coordinating there play to play more like a team together, I find them(Real Madrid) to be still formidable as ever, Liverpool needs to exercise extreme caution when they face Real Madrid because, they remain the UCL specialist and it doesn’t matter what team they are up against. They just do enough to qualify each time.
It would make a risky bet dwelling in the win 1x2 market. A more goal approach would be best as both teams are supposedly a scoring side. Jude would be looking out for something to prove to the home fans as a visiting team.
It's too early to talk about the whole season, only a third of it is over and no one has won anything (Real Madrid won the UEFA Super Cup), but the arrival of Sloth has definitely refreshed Liverpool. And the arrival of Mbappe has not refreshed Real yet

BTTS or Total Over definitely looks like an obvious option (Real's entire defense is in the infirmary), but I don't think bookmakers will give good odds on these outcomes since everyone will bet on them.