You surely can.
Get the nameservers from godaddy (i don't know exactly, but they are probably something like ns.godaddy.com , ns2.godaddy.com. You can surely find them in your control panel) , and enter them in your bluehost control panel:
Domain Manager, select your domain,when a new panel in the right side opens: select "name servers". Select "Custom" , and enter godaddy's nameservers there (luckily for you, i have bluehost account, and can walk you through it