I think Bayern Munich are clearly qualifying for the semi finals. They already won at Bernabeu and I even expect a bigger win at home. Arbeloa will be sacked very soon in my opinion.
Arne Slot is also very likely to share the same fate with him.

I don't think Liverpool can make a comeback with this game even at Anfield.
Arsenal and Atletico Madrid are the other teams I'm expecting to see in next round. But I would love to see Barcelona surprising me.
Given Madrid slim chances at the Allianz Arena, I suspect the second leg will be a match Bayern Munich will try their best to win. We don't yet know how Arbeloa will prepare to overcome Bayern Munich ambitions.
Liverpool no longer have the capacity to turn things around, PSG know how to counter Arne Slot monotonous tactics.
The semi finals will likely be a match between Arsenal and Atletico Madrid, but I still have some hope for Barcelona and Sporting to give their best in the second leg.