Of course it could be true.
Do you believe that Moses turned the water of the Nile into blood or was it just symbolic?
Do you believe that Jesus turned water into wine or was it just symbolic?
So there is a precedent for Transubstantiation.
The Chuch teaches that Jesus turned bread into His flesh and wine into his blood because He said so.
Uh, no he didn't.
And the Church is the pillar and foundation of the truth.
So whatever you define as the church?
Why wouldn't you believe?