In La Liga it really already seems that there is no chance, despite the fact that there are still a sufficient number of matches, but if we assume that Barcelona should lose these matches (albeit not all), which is impossible in principle. On the other hand Real Madrid still have a chance to take the Champions League trophy, and the chance is great enough
If you are a Real Madrid supporter, then try to forget about La Liga this season and start focusing on the Champions League or the Copa Del Rey. La Liga is a dead horse for Real Madrid after Barcelona is 12 points ahead, even though the towel is still in hand but you better forget about La Liga. It's hard to expect Barcelona to get 4 defeats while Real Madrid must win all the matches, it's impossible even though Real Madrid is a big team.
Real Madrid must improve next season, but this season they have to fight to finish the season with a record that is not too bad. Ancelotti and his players must realize that La Liga is still important, so they must win and maintain their best form.
I absolutely agree with @indah rezqi here because I believe even though it is still mathematically possible that Real Madrid will actually be able to win the La Liga title, it is not very realistic to hope for that.
So, the Champions League is the main target of Real Madrid right now in my opinion. Of course, there is also the Copa del Rey competition. These two competitions are going to be the biggest target of Real Madrid. I am not going to be surprised if Real Madrid actually makes a comeback and wins the Copa del Rey competition.
After all, Real Madrid is known for making comebacks. And at the same time the situation which Chelsea is in right now, I don't see Real Madrid having too much problems winning against them.