Not in "Java the language". The language specification assumes that the machine is working correctly, and I assume that by "bit flip" you mean the type of a hardware failure.
If you start to factor in things like random failures of RAM, cosmic rays, omnipotent beings from other dimensions etc. - then everything is possible, but then the "Java" tag should be removed from the question.
update (after some comments under another answer)
I said "Java the Language", because the question conflates Java with JVM. Java programs can run on multiple VMs - and can be transpiled in different ways. Dalvik and JVM are common (hard to say which one is more common nowadays), but there's still a lot of code using two generations of the GWT compiler, TeaVM, RoboVM. The GraalVM is becoming more and more popular.
Java specification (aka Java the Language) is not affected by the physical world. It is an ideal of a language. Asking if it could be affected by a hardware failure is like asking if a meter could be shorter than 100cm if it was made from a poor material.
On the other hand - the real-world implementations of Java are affected by hardware failures, but the failures are not Java-specific. In most cases there will not even exist a mapping between the Java construct of a "variable" as described in the question and the low-level implementation (there will be a stack, or a register, or a key in a closure, or it might get optimized away completely).
So, the question either doesn't make sense, or it has little to do with Java.