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Hard to say, but looks correctable from the pic
Spin by a local detailer or autobody shop if you don't have a lot of supplies or if you want an experienced eye.
If you want to have a go at it yourself, an excellent over the counter medium-heavy polish that can work out defects pretty well by hand is Meguiars Ultimate Compound. It's around $10 at Wal-mart. Don't worry, it's not your old-school Turtle Wax gravel-style compound, it's slightly less aggressive than Meguiars 105, if you've ever used that cutter before.
Wad up a soft cloth, rub a dot of that compound in with firm pressure, looking through the polish to check your progress. Lighten your pressure as you work it out. It will finish out pretty glossy by hand. You may need to repeat that a few times until you are satisfied with it. If that does the trick, followup with a mild polish or cleaner wax to finish out any hazing or micromarring left by the compound.
If you have it, Menzerna Super Intensive Polish is a great mid-level polish for Bimmer paint. I'll usually start there with a defect like that and go either heavier or lighter depending on the initial result.
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