Depending on the ending of choice the story is a never ending cycle. So another cycle.
So more of a bloodborne 1.5 than a full blown sequel.
I guess different parts of yharnam and at a different time period.
It will be a huge ask to match bloodborne 1 that's for sure as I only kind of dislike the fish folk in the dlc and even them lot were good but I just didn't feel they fitted the game.