Making a balloon physics

Hello guys,

Need some help with creating a custom animation (currently using Tween.js, you can suggest any) that reproduces balloon physics, exactly like in the video (https://youtu.be/6ZJjCIiq-Yg?t=78). Watch please in 0.25x speed in order to deeply understand its behavior.

Is it possible to make such an animation with only one sprite(one png image of a balloon, don't consider a bird inside right now) or should it be done via changing textures overtime (i.e. condition, when "top" point of texture "touches" top of container)?
If it's possible, can you please suggest solution or any literature (video, text, whatever) which can help me with my case?

Thanks!