The Blues ground out the 1-0 win on Wednesday night to take maximum points for the first time in seven Barclays Premier League matches and close to within four points of leaders Manchester United.
After watching his side edge back above Tottenham Hotspur into fourth, the Italian said: "It's very important for us now to stay focused on the games. Because the league is open again - it is not closed for us."
But he admitted Chelsea would have surrendered their title had they failed to win against Owen Coyle's side.
"Obviously, yes," said Ancelotti, who went into the match with the backing of billionaire owner Roman Abramovich.
"I think it was the most important thing to change the atmosphere, to change the trend, to come back to win."
Chelsea were not at their best in Wednesday evening's encounter, especially in the first half, when they couldn't manage a shot on target.
They were much improved after the break but Bolton had enough chances to have snatched a point.
Ancelotti was therefore reluctant to brand the result the turning point in his side's season.
He said: "We have to wait. It was a very important step, this victory, this performance.
"Bolton played well, they used a lot of power up front, they were dangerous.
"Now we have to wait for the next game.
"This is an important step.
"I'm not sure that everything now will be okay. We have to put on a performance again."
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