Start by opening a nature shot.
Duplicate the layer. Press Ctrl+L to open level settings. Apply settings as shown.
Duplicate the original layer five times and adjust level settings for each layer as shown.
Create a circle using elliptical shape tool.
Double click the layer to open layer style window. Apply layer style with the settings shown.
Open animation window. For the first frame hide all the layers except the most dark one. Select the circle layer and reduce the opacity to 10%.
Duplicate frame. Move the circle layer upwards and change the opacity to 100%.
Click tween button from the animation palette. Apply settings as shown.
Starting from 2nd frame keep selecting each frame and keep unhiding the next brighter layer.
Press Ctrl+Alt+Shift+S to save an optimized animated GIF.