A Youtuber running a Bully-related channel is sharing a leak that they're claiming comes from an insider at Rockstar Games regarding a Bully sequel. The leak they're divulging is a tentative confirmation of Bully 2's development, as well as a release window for the game in late 2020. Rockstar's plan would be to launch Bully 2 on both the next generation of consoles, the PS4 and Xbox Project Scarlett, as well as current-generation platforms.
Bully YouTuber SWEGTA is citing an "anonymous source within Rockstar" that they've been in contact with for "quite a while." This source previously provided SWEGTA with a PDF file showing actor Jared Johnston's previous work experience, which included "Multiple Roles" on a Rockstar Games project codenamed Fiyero. This source is now directly stating that Bully 2 is in development and has a tentative release date.
The insider goes on to say that Rockstar Games is hoping to capitalize on the same kind of success that Grand Theft Auto 5 received when it was released across two console generations. It doesn't sound like the source is implying that the game would be released in two waves like Grand Theft Auto 5 was, but anything is possible. It was released on current-gen consoles a year before Grand Theft Auto 5 was released on next-gen. Given that there are current reports that Rockstar isn't crunching right now, a 2019 release seems almost ridiculous.
The reliability of SWEGTA is certainly in question. While the YouTuber clearly knows their Bully, so to speak, they're also willing to make rumor and speculation videos about anything and everything Bully-related. They also, as is not uncommon on YouTube, make sensationalist and misleading videos regularly. That said, they also release more professional videos including interviews with Bully's voice actor for Jimmy Hopkins, Gerry Rosenthal, and others.
Overall, this rumor treads the line. It's absolutely plausible that Rockstar Games would try and launch a game alongside the release of a new console generation. But it's difficult to believe Rockstar Games would churn out another open-world game just two years after the launch of Red Dead Redemption 2. That said, Rockstar has 9 subsidiary studios, so it's certainly possible for faster releases to be made.
As for whether or not such a major announcement from Rockstar would have been made by now if a game release was planned for 2020, keep in mind that games for next-gen platforms are saving those reveals. Those announcements will follow Microsoft and Sony officially revealing the next-gen Xbox and PlayStation, officially. If one of those launch games ends up being Bully 2, it would make for a very good start.
Bully 2 is not officially confirmed to be in development.