Real won 2:1 last week and I think they will progress to the quarterfinals. Real are the most successful club in the history of the competition. They could lose at Betis, they also suffered defeats in the group phase of the Champions League, but everything is different when the knockout stage came. Two wins against Manchester City are proving that.
Now about the match. Atletico are the worst possible opponents to Real. They created many upsets in the last decades, but mostly in domestic La Liga. Los Blancos have won every previous European tie against Atletico,
including two Champions League finals against their local rivals. And
I think they are the favorites to do so again.
Real have better individuals. Players like Vinicius, Bellingham or Mbappe could make a difference. And don't forget Rodrygo who scored