No. Studies that measured it found no difference in testosterone between balding and non-balding men.
Transcript
Bald men have more testosterone. Men have been telling themselves this for a century. It's not true. Studies that measured it found no difference. Baldness isn't about how much hormone you have. It's about how sensitive your follicles are to one form of it. A man with low testosterone can go bald. A man with high testosterone can keep every hair. It's the lock, not the key.
Pattern hair loss is not about how much hormone you have — it is about how sensitive your follicles are to one form of it, DHT. A man with low testosterone can lose hair and a man with high testosterone can keep every strand. It is the lock, not the key.