It's really a mathematical question, but it wouldn't work "in theory". "In theory" if you had an unlimited money supply, then "in theory" your losing streaks could be infinitely long.

Martingale doesn't make the odds any better, nor do they make them any worse. The problem with it is it encourages you to divide up your bankroll into the smallest possible bits. That is bad because it makes it harder to accomplish a given objective (say to double your bankroll).

Just Dice had a martingale player win an unprecedented 32 times in a row. "In theory" those odds are comparable to winning the Mega Millions Jackpot. But he won less than 5 cents because he was playing martingale.