Almost every season Real Madrid is always the favorite in the Champions League, but this season it is a bit difficult to defend the title it won last season because of its inconsistent performance. Maybe Real Madrid will qualify for the round of 16 through the Play-offs, but the competition in the knockout stages is not the same as the League Stage. I am leaning towards Liverpool based on what they have shown so far, if the two meet, Real Madrid will have a hard time facing Arne Slot men.
If Madrid can make it to the knockout stages then they will stand a higher chance of winning the Champions League than any other team. I believe so because Madrid is a team that gets better as the season advances. We can clearly see how they've been getting better and learning to win games despite not being complete as the season advanced and I believe the same will be the case in the Champions League.
The knockout phase is a two-legged match; all they need to do is make sure you don't score much or win away from home.
With Vini and Camavinga fully fit and they don't experience any more injuries they can go all the way.
I cant state a favourite right now, so despite the fact that Liverpool have been incredible both in the league and champions league, I cant say they win the ucl because the season is still long and were a long way from the end.