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Absolutely! In fact, that's the recommended method. Buying your domain from your host isn't the best plan, as if your host goes under or doesn't care for you anymore, there goes your domain. And GoDaddy's hosting is horrible.
I did not found any domain registar who would not allow you to point your domain to different hosting provider.
You just need to change so called nameservers or DNS. Nameservers you will receive from your hosting provider.