Hmm... so MC is the reincarnation of the Scarlet Witch, the ML is the reincarnation of the Demon King, the best friend is the reincarnation of the White Sage, and the Hooded Guy is the reincarnation of the Hero.
The four of them stuck in a reincarnation loop where they're constantly reborn time and time again, connected by some red string of fate, with only the Hero retaining his memories, doing his best to slay every incarnation they awaken to.
10/10 Interesting beginning, definitely followed.