Liverpool is playing really well this year, with the results they got in both the Premier League and the Champions League, they have shown that they are the favorites for this match. Real Madrid is not a team in form anyway, they have big problems in European matches.
That's why I also think that Liverpool can be the winner of this match. This year, we are facing a different Liverpool than in previous years
I'm yet to decide what is going to happen in the end of this tournament. Liverpool has tried and they deserve the recognition they are getting right now but I think we are still in the early stage of the league more like group stage because right after this, there will be some teams that are going to qualify for the round of 16 and some teams in between will play off to also qualify for knockout stage. It's this knockout the league becomes tough as players like Liverpool can miss out if they make any mistake then.
There is nothing stopping Liverpool but i we have bigger other teams that are going to qualify to wherever Liverpool thinks they are going. I'm still expecting Manchester City, Bayern and Barcelona for some surprise packages, not sure if they are done yet. If really you can make it to the round of 16 without any hindrance, I believe there is still big challenges Liverpool will face from other teams possibly.