Is this energy in the akashic record of a bullying victim coming from past times of being victimized, or is it the energy of their victims from past acts of theirs as a perpetrator, or possibly both?

This is primarily the energy of the person themselves. Although other influencers and their energy are registered within the akashic record, the primary information perceived in the moment by people coming together is their own energetic signature and its history, the predominating characteristics of the person themselves and not the secondary influences of those they have interacted with in the past.