HI,
It is possible but not easy. There is also the issue of extreme vertical displacement, in that, Even if you get the spires placed and formed and sized right, there will be stretching.
Having said that, there are a few ways to go about this.
(Not in any order)
1. Sculpt it.
Using Mudbox or z-brush you can create the macro terrain fairly quickly, and import it to TG using "Vector displacement maps". This method will give you the most control if you want to do it by hand, like you would if you were making a sculptured terrain.
2. Satellite Data from the USGS.
This method will be the fastest and easiest assuming there is good data for a location like in your image. However, in you OP image case, I know for a fact that there is not data at such a high level that you would get all those spires just like in your image. Having said that, the data is not terrible and still may meet your needs is you don't need a perfect rep of the OP image.
3. Search "spurs" here in the forum
People have made good advances on this topic. It may be possible to combine one or both of the other methods I listed with some of the methods you will find when searching the topic.
There are other ways too.
Spires are kinda a difficult thing with terrain software in general. YAOu can do it, but it will be hard, and its not very likely that you will get exactly what you set out for in the end. But people have managed to do some beautiful stuff.
