Theory says it should be possible however it's a bit like Wi-Fi.. If you want to connect two laptops (For example) via Wi-Fi, you set one of them to be an Ad-Hock device, this flipps the transmit and receive channels.
BT devices, for the most part, do not have that option.
THAT said, I've seen some BT devices that have "Multi-connect" If someone made a BT host with Multi Connect it would act as a repeater and work just as you desire.
But it would still be "Wired".
I have some BT plans here in the future but not nearly ready to implement yet.