The visitors led thanks to headers from Ian Evatt and Luke Varney only for Wanderers to rally late on and secure a point through Martin Petrov's volley and Mark Davies, who scored at the end of a stunning passing move in the 89th minute.
Having not taken advantage of their domination in the early part of the game Bolton put up a fight late on to extend their unbeaten run to five matches.
Coyle said: "At 2-0 down at home we made substitutions (bringing on Petrov and Rodrigo Moreno) - and I'm not being smart after the event - but I was prepared to lose the game 3-0 or 4-0 to get back into it.
"We effectively ended up with six attacking players on the pitch and the last 25 minutes we have scored two goals and could have scored four or five.
"We could have snatched - and snatched is what it would have been because Blackpool were terrific - the three points. We committed many players forward and were prepared to leave ourselves open so it is always nice from a manager's point of view when that goes your way and it works for you."
Source: PA
Source: PA