Big things were expected of the England international after his marquee signing from Borussia Dortmund, but he has exceeded expectations on the goalscoring front in the famous white strip.
Playing as the most advanced midfielder in Ancelotti's setup, Bellingham netted on his competitive debut against Athletic Bilbao before bagging a brace and assist in a 3-1 triumph over Almeria.
Bellingham continued his hot streak with the only goal in a 1-0 win over Celta Vigo last month, but Real were on course to drop points for the first time this season when Getafe paid a visit to the Bernabeu on Saturday.
Borja Mayoral propelled Getafe into the ascendancy with just 11 minutes gone, capitalising on a defensive error and skipping beyond Kepa Arrizabalaga to silence the home crowd, but Joselu levelled with a close-range volley two minutes into the second half.
Getafe had seemingly done enough to cling on for a point and end Los Blancos' 100% start, but in the fifth minute of injury time, David Soria spilled a long-range strike from Lucas Vazquez, and Bellingham was the quickest to react to poke home a dramatic late winner.
In doing so, the 20-year-old has now become only the second player to score in each of their first four La Liga matches, equalling the record that Ronaldo set upon his arrival in 2009.
Ronaldo also made the net bulge five times in four games against Deportivo La Coruna, Espanyol, Xerez and Villarreal during his first few weeks at Real Madrid, before drawing a blank on matchday five against Tenerife.
Should Bellingham manage to continue his hot streak in front of goal against Real Sociedad after the international break, he would therefore become the first player to score in each of their first five La Liga appearances.
Following Saturday's last-gasp triumph, Ancelotti publicly challenged Bellingham to score 15 goals in his debut season with Real Madrid and hailed the youngster's adaptation into a more attack-minded player.
"He can score 15 goals without a problem. He stands out because he moves very well without the ball. This is the main quality of him," Goal quotes Ancelotti as saying.
"He breaks lines, has a great movement, constant, that's why he scores so many goals. He was very calm, very focused. He really wanted to play here, but I have seen him very calm, very focused on the game.
"We have shown him videos of what we liked about him when he played for Dortmund. What he has changed is that he moves a lot. He does more, movements without the ball to the rival area. He is a player who always dribbles to go towards the rival goal, not to go backwards."
As the only team in the Spanish top flight with a 100% record after four games, Real will enter the international break top of the table no matter what transpires before the end of the weekend.
Meanwhile, Bellingham is now gearing up to represent England in their upcoming Euro 2024 qualifier against Ukraine on September 9 and a 150th Anniversary Heritage Match against Scotland on September 12.