Creating retro style heart animation

Create "Heart" shape using custom shape tool.

Double click the layer to open layer style window. Apply settings as shown.

Duplicate the layer and scale up. From layer menu select layer style>>create layers. Select and merge all the resulting layers. Move this layer below all the layers in layer order in layer palette. Reduce the opacity to 30%.
Duplicate the layer, scale up and reduce the opacity.

Select the original heart layer. Duplicate it. From "Filter" menu select "Blur>>Radial Blur ". Apply settings as shown.
Change the layer mode to "Dissolve" and opacity to 50%.
Duplicate the layer and change the opacity to 100%.
Create 30 point star shape using polygon shape tool.
Press Ctrl+F to reapply the radial blur filter.

 

Duplicate the layer and rotate it.
From layer menu select "New adjustment layer>>Levels". Apply settings as shown.
Open animation window. For the first frame hide one of the star layers and also hide one of the dissolve glow layer.
Duplicate frame. Unhide the star layer that was hidden previously and similarly unhide the second dissolve glow layer with different opacity.

Press Ctrl+Alt+Shift+S to save an optimized animated GIF.