Yes in my opinion it can. I have seen reports of guys who've taken it for well past 6 months and have just continued to lose hair even more aggressively than before. In my case I took Minoxidil (admittedly only) for 4.5 months but in that time my hair loss increased substantially, my density dropped a lot and I went from barely a NW1.5 to a NW2, my crown, which previously was not that thin, started to lose a lot of ground as well. The hair in the shower went from barely 30 to 100+. During those 4.5 months I saw absolutely 0 signs of regrowth. The box said to stop if no results are seen after 6 months but realistically I knew I was not going to see results. After quitting Minoxidil I decided to go on Dutasteride and the SwissTemples PG protocol, which I feel is showing decent results so far just over 2 months in. The bonus being that I won't be tied down to the treatments for life unlike with Minoxidil and I won't have to deal with the aging skin and heart problems caused by minoxidil.
There are loads of reports of Minoxidil making things worse, if you check the Wikipedia it says under side effects that it can exacerbate hair loss in some people. I know it's not reliable but unfortunately you will not find any studies about it as the treatment has been around for decades (and still is the only commercial growth stimulant. such bull****). It's kinda like PFS in that sense I suppose as there are no studies on it because it effects so few of the people that use it. If you use minoxidil the chances are it will not make things worse for you, more likely you just won't see any results as minoxidil has a pathetic responder rate anyway, I think it "works" to some degree in like half the people who try it and I use the word "works" loosely, a lot of people grow a slight bit of peach fuzz and maybe get some hairline thickening at best. Very crap treatment.
I'm not sure if I would even go on minoxidil over a hair transplant if I had to pick one. Both are very poor options at trying to regrow/replace hair.