Yes you can. Check this Repo
https://github.com/YahnisElsts/plugin-update-checker
This is a custom update checker library for WordPress plugins and themes. It lets you add automatic update notifications and one-click upgrades to your WP Plugin. All you need to do is put your plugin/theme details in a JSON file, place the file on your server, and pass the URL to the library. The library periodically checks the URL to see if there’s a new version available and displays an update notification to the user if necessary.
You can either manage your update/source code on your own server or you can store them on BitBucket or Github
From the users’ perspective, it works just like with plugins and themes hosted on WordPress Repo