I admire Real Madrid. They are a winner in the Champions League and they still have the biggest number of trophies in the competition by far.

But for this season, it is really hard to believe in them for now. They didn't have a good start. Yeah they destroyed Salzburg but everyone can to tell the truth. You know they are one of the most terrible teams here.
I see Liverpool one step ahead. Ancelotti needs to show us much better things in playoffs. It is where we see Real Madrid's real power.

Even though Real Madrid are not doing well at this stage and will probably go through the play offs, Real Madrid will still be a candidate to play in the final. If you look at the last few seasons, Real Madrid have not always had impressive results in the early rounds of the Champions League, but when Real Madrid have qualified for the knockout stages over the last few seasons, Real Madrid have still managed to get good results.
Thus, don't get too hung up just because Real Madrid aren't doing well at this stage, and then maybe many will underestimate Real Madrid or assume Real Madrid won't go far. Real Madrid is still a team with great potential to go further in the Champions League, because they also have a great mentality. I personally would doubt Liverpool to be able to play in the final match, because I believe the good results they have in this phase are not a guarantee for them to continue to have impressive results in the knockout phase later.