Spaces in Link Targets
markdown
A link or image URL contains a literal space; URLs must encode spaces as
%20.
Q-2-33 — Spaces in Link Targets
A link or image URL contains a literal space; URLs must encode spaces as
%20.
What this means
The URL portion of a link or image — the part inside (...) —
cannot contain literal spaces. The standard URL-encoding for a
space is %20; an unencoded space terminates the URL prematurely
and confuses the parser.
Why this happens
Almost always a filename or path with a space character (common on macOS and Windows):

How to fix
Replace each space with %20:

Better still, rename the file so it has no spaces — for example
image-file.png or image_file.png. URL-encoding works, but
spaces in filenames cause friction in many other tools too.