Of course, but it all depends on how good of a job you want to do at the end. If you just want the end. If it is just about changing the color then you can do that with a spray can. If you really wanted a more professional job you can do so but you will need to get a touch up gin and an airbrush.
Just a color change:
Take everything off the bike you can; handlebars, seat, etc. Using a Scotch brite pad or 500 grit sandpaper scuff the existing paint and smooth any dinks. Tape up and mask anything you can’t remove. Wipe it down with a near dry but slightly damp rag, follow up with tack rag for dust, string the bike up and spray away, using even stokes.
More professional:
Take off everything down to the frame (get a bike shop to remove it if you can’t) Strip off the paint (best) with chemical means, sand blasting, or machine sanding. Once the frame is bare you spray on primer, wet sand it until it is smooth (might take about 3 coats). Then you spray on paint that is compatible with the primer you selected. Wet sand between coats and after wet sanding the last coat spray on the clear. Of more than on coat is used wet sand the between coats and using a drill with a polishing bonnet on it buff ut each coat and the final. Wa la! One impressive paint job.