Wanderers were many observers' pre-season favourites to secure an instant return to the Barclays Premier League, but a lowly standing of 18th position with 11 points from 10 games resulted in Coyle paying with his job.
"We understand we had to hit the ground running this year. It's not happened," he told Sky Sports News. "People say 'is it too early?' - I certainly believe we'd have got promotion from the position we're in."
It is a fall that seemed improbable 18 months ago when the former Burnley boss, who succeeded Gary Megson at the Reebok Stadium in January 2010, led Bolton to the FA Cup semi-final having steered them away from relegation trouble the previous season.
While bearing no malice toward Wanderers chairman Phil Gartside, a man with whom he forged a strong friendship, Coyle remains convinced the club's ultimate goal lay within his reach.
He added: "What I do know is, whoever it is that's coming in, they're coming in to a marvellous opportunity at a wonderful club and I've got no doubts they will kick on from strength to strength."
As Bolton's fortunes plummeted on the pitch, Coyle won plaudits throughout the game for his public presence in the immediate aftermath of Fabrice Muamba's on-field cardiac arrest during March's FA Cup tie at Tottenham, and the midfielder's subsequent recovery to health.
Academy manager Jimmy Phillips and head of academy coaching and development Sammy Lee - who endured a disastrous spell of one win in 11 league games as Bolton manager in 2007 - will take temporary charge of the first-team squad, while a host of high profile names have already been linked with the post.
Former Wanderers forward and radio pundit Alan Gowling would like to see the club approach ex-Manchester United star Ole Gunnar Solskjaer, who is currently managing Molde in his native Norway.
"It's down to the chairman. He's obviously got to get it right this time as far as his choices are concerned," Gowling told BBC Radio Manchester. "But one person I would talk to, and this might be a surprise, would be Ole Gunnar Solskjaer, because I think he might be just ideal for the job."