In theory your problem is possible, the speedo is a magnetic/electric sensor rather than actual gears. So if you have an open wire/sensor you could see this problem, fluid level will not affect this though. Check your wires for any obvious faults, check the sensor, disconnect the battery for awhile. Pull the speedo sensor out of the drivers side of tranny, 10 mm bolt, clean it and re-install.
2004 Chevy/Regency RST, 6.0L LQ4, custom built NV MG-5 tranny by local Tranny Guru, Hurst Shifter, K&N FIPK, stock Regnecy Exhaust, 3.73 gears w/ Eaton Locker, and the Magnacharger huffer topping it off w/ stock pulley... for now
Looking to meet people w/ LS1 trucks in the OKC area PM me