Yes, I think Atletico Madrid can surprise. Real Madrid plays very well in big matches. Maybe players can eliminate Atletico Madrid with extra motivation since it is a Champions League match, but we have seen how dangerous Atletico Madrid is in the last matches. They scored four goals against Barcelona and beat Bilbao yesterday. The dangerous team in the Spanish league is Atletico Madrid right now and they are at the top. Since both are Spanish teams, they know each other well. So I think it will be an enjoyable match. As for the Liverpool match, they may have a hard time in the Paris Saint-Germain match, but as everyone says, they are the favorites.
I think if Atletico Madrid is able to show surprises, then of course it would be easy for Real Madrid Football Club to surprise us all. In fact it is very difficult for us to imagine how dangerous the two teams can be in this match. Even before the UEFA Champions League match between these Real Madrid and Atletico Madrid we have to watch the La Liga match between them a little bit because they drew that match. But one thing is still the same, that is, the La Liga match of Real Madrid and Atletico Madrid had to be in Santiago Bernabeu. But even then maybe Atletico Madrid will be ahead because they are playing well now but Real Madrid lost to Real Betis.
If things don't get much different, Atletico Madrid is now performing better than Real Madrid and would likely advance further eliminating Real Madrid. Real Madrid had some mid league performance boost but now they are falling back. It's sad to see two of the top teams in La Liga meeting at knockout this soon. Barcelona might have a better chance against Benefica. And there are even easier groups like Aston Villa and Brugge whoever wins would be easy target in Quaterfinals.