Can I bleach red yarn to make pink?

I have a ball of bright red yarn, but I need pink for an upcoming project. Would bleach work to make it pink? Or do I have to do something else, if it's even possible to change it's color?
Update: I can't buy pink yarn. I am literally BROKE. I have 0$ and 0 cents. (I can't do much to make money, I don't get paid to babysit or do chores and there aren't many things to do in my neighborhood. Trust me, I've asked around.)
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