
Something like this?
-Open photoshop and image ready, then open up ur image in photoshop
-Over ur halo guy's image, duplicate it 4 times so u have 5 layers of the same pic total, name the layers as if u want, makes it easier to distinguish between them later if ur making multiple animation effects.
-in the first layer, leave as is, opacity at 100 under blend settings
-second layer, set opacity to 80, 3rd to 60 and so on till the 5th layer to 20.
-then press ctrl+m to switch over to imageready
-make 10 frames of the image
-click on the first frame, and make only the first layer of the image to be fading that is at 100% opacity (and all the bg, borders, text) to be visible, to do this, press the 'eye' icon that is located to the layer toolbar so it is gone for the other 4 layers.
-then for the second frame, make only the 80% layer visible and so on till the sixth frame, all of the layers are invisible, thats y u dont need a layer of opacity 0,

- on the seventh frame, have the 20% layer visible, and work back to the 80% layer in the 10th frame
-then animation will cycle back and repeat
-now, set the timing for ur animations, any delays, etc.
-save as optimized under file, name it and ur set.
Hope this helps