Nope, the bike will run, but it won't run right, among other things, the ethanol will burn faster and hotter than gasoline causing loss in power and increased engine heat that could damage heads, block, and gaskets.
You could use it in a pinch but it wouldn't run very good, might have to run with the choke on. A common mis-conception,
Alcohol burns colder than gasoline, not hotter and it takes a lot more of it to produce the same power. An air cooled VW, seriously modified of course, on alcohol has to be ran without a cooling fan because it won't warm up with one.
The reason they have 85 octane in high altitude is because the thin air reduces the compression and a higher octane is not necessary. Of course an engine won't have as much power but it's because of the lower compression, not the octane.
If you use E85 for any amount of time plan on replacing carb seals and possible fuel pump and any seals related to the fuel system. While E85 is a higher octane like 100+ if your fuel system is not set up for it it will damage seals and some other internals also. My wifes car we bought can run E85 so while were on trips it gives us the extra fuel option. the problem with E85 is a lot of people confuse it with 84 octane with ethanol and dont realize the difference.