Based on what we see, Liverpool's performance in the last 5 matches has been quite consistent in winning and Real Madrid has lost 2 times in the last 5 matches. In the Champions League, Real Madrid's performance is also a little different this season, unlike previous seasons which were able to achieve a convincing victory in the first round of the UCL, but if you look at the statistics of their meetings so far in the UCL, Madrid has always won matches against Liverpool, let's see if there will be a surprise in their meeting this time.
If we rate both clubs' total performance this season, Liverpool is far stronger than Real Madrid, and they will surely be seen as the favorite to win the game. However, according to H2H, Real Madrid is superior to Liverpool. Real Madrid has won seven of their previous eight matches, while Liverpool drew one of those eight games. I have the feeling that this season will be different from previous seasons, when Real Madrid eliminated Liverpool with several goals because they did not have top players as always and they're also dealing with injured players. I won't be surprised if Real Madrid loses in the end since they lost the first time they met against Lille this season.
No one expected Arne Slott to be able to do his job very well, he managed to lead Liverpool to the top of the Premier League and Champions League standings. Real Madrid will be a tough test for them, and it can be said that the match is basically difficult to predict.
I agree with you, nobody believed that Arne Slot would do so well with Liverpool this season. I also thought he would struggle this season because, according to his previous team's elimination in the Champions League group stage the previous season, he appears to be a manager without Champions League experience. However, as of right now, Arne Slot and the team are performing well and defeating other teams in every competition. Next week, we'll see how his first meeting with Real Madrid goes.