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There is no doubt that Real Madrid is the most experienced team on the Champions League platform. However, this season Real Madrid is not in their best form. Several players in the squad faced injuries at the beginning of the season. As a result, Madrid's performance was erratic. So far, Real Madrid has not been able to perform well consistently. Madrid is not getting good performance from two important players like Mbappe and Bellingham.
On the other hand, Liverpool is the only team who has been able to win all four matches in the Champions League. In each match, we can see stable gameplay from Liverpool players. If Liverpool players can continue this consistency, then undoubtedly Liverpool is a worthy contender for the Champions League this season.
It seems like many people are starting to doubt Real Madrid in the match against Liverpool, but I think that's normal. Real Madrid have a weak side which is considered an important factor in why they are not favourites, while Liverpool who have performed well in all Champions League matches are definitely favorites to win at home. I'm not completely sure about favoring Liverpool, I think the chances of both teams are still 50:50 to win regardless of Liverpool playing at home.
Injuries to several key players might be another reason why Real Madrid's performance has been erratic so far. I agree with this point, but Real Madrid is an experienced team who is also supported by a great coach in finding the right strategy to get out of various pressures. Ancelotti managed to prove that last season, but who knows, maybe what people say could be true.