I have the M-audio BX-8 active monitors. Can I use balanced guitar patch cable for these for optimal sound quality or are there specific cables used for active monitors?
If the mixer you're using has balanced outputs then using TRS cables are the way to go. If not, quality unbalanced cables will be all you need.
And 'balanced guitar cable' is a contradiction in terms. Guitar cables, also known as instrument cables, are always unbalanced meaning just tip and sleeve.