Hope this link can help.
There are two different ways to connect your domain to Bluehost. The first way you mentioned is by IP address also known as an A record. Here is a link with instructions on how to perform that function: https://www.godaddy.com/help/add-an-a-record-19238
The second way you can do it is by changing Nameservers here is a link with instructions on how to perform that function: https://www.godaddy.com/help/set-custom-nameservers-for-domains-registered-with-godaddy-12317
Hopefully this helps!