Of course there is a possibility for Real Madrid to qualify for the final by eliminating Bayern Munich. However, it is still difficult to say that this will become a reality because Bayern Munich also has the ambition to win a ticket to the final when they are already on the right track by eliminating Arsenal. This match is really tough, but Real Madrid is favored with a lot of experience and titles.
When I saw Real Madrid's performance in beating last season's UCL title holders, Man City, it made me believe again that Real Madrid should also be able to beat Bayern Munich. In this case, Bayern is indeed strong, it cannot be denied that they are a strong team. However, their strength is not completely equal, like Man City has where their strength is evenly distributed across all lines. Because of that, I am sure that Ancelotti can create a strategy that can control and handle Bayern Munich well. And win the UCL trophy again later. It will be an interesting too if we see Real Madrid will be in the final with PSG.
I think they were unfairly criticised in the city game. Madrid did what they had to do in that game and played according to their own temperament. If they hadn't played according to their own temperament and played like they did against barcelona, they would have been eliminated without even having to play the second game. They really play at a different level and they are the boss, end of the chapter monster of football. Even if you are City, when you see that monster, you get confused and you can never gain psychological superiority in a match where you are actually superior and you go home.