there are famous pictures redone in ascii: my professor in college had the famous star wars original movie poster in ascii as a wall poster. So yes, you can.
it will be a bit of a challenge, because letters are NOT square in most consoles. You can SET the console font to BE square in some systems, and that would help make it pretty, or you can adjust your code to deal with the problem (so, you would draw an oval, using the conic section equation of an oval probably) and the way the oval is rendered would make it back to a circle. (think of it as drawing on a sheet of rubber that is stretched in the x direction and then the tension is removed).