Yes the bleeder is on the bottom, that picture was taken looking up.
Did it come from the factory like that? It looks like it would make bleeding quite difficult.
I suspect the bleed nipple is intended to bleed air from the front brake circuit (the line closest the bleed nipple) but if thats the original position then I would also want to think the rear brake lines are reversed top/bottom, since the supply line is at the top and the line to the axle at the bottom.
Edited to correct spelling