Yes, with BPII you can have psychosis....even during hypomania, although it is more common during depression. Even with Major Depressive Disorder, some people have the specifier (with Psychotic features), according to the diagnostic tool the DSM-5. Psychosis does tend to be much more common in BP1. However, some people with BP1 do not experience psychosis at all, so it just depends person to person. Psychosis isn't as uncommon as one might believe in BP2 though.