Not just with a gift card, no. You’ll also need to put a credit card or PayPal account on file with Apple when you create an iTunes account.
This is because the iTunes Store doesn’t prevent you from buying content worth more than the value of your gift card. So, if you’ve got a $10 gift card and didn’t have a credit card on file, you’d technically be able to buy $12 worth of content without being charged for it, which of course wouldn’t make anyone but you happy.
So, while you can add a gift card to your iTunes account after you create it, you need to have some other payment method on file first to create the account.

