Yes! There are many different forms of bpd. Some people experience the highs and lows, but it's better to imagine mood as a continuous scale of really low to really high- and they can be anywhere on that scale, really low, only a little bit depressed, normal, a little bit high, a lot high. You'll have to learn more about his unique case to know how the disorder manifests in him.
Plus, with medication, most people who have bipolar disorder are able to maintain normal mood levels.