Why not!? It could be the problem. Cause like, from what I understand some brain chemical gets produced while you sleep (I don't know if it's melatonin, seratonin, dopamine, or something else) and that if you don't get enough of it you get all depressed.
Or something like that.
I'm not entirely sure, so take that with a grain of salt. XD
ALTHOUGH, I have noticed that I can get in a pretty depressed mood from staying up too late soooooo, yeah