Yes. What you want is image stacking rather than simple opacity blending. Lowering opacity averages the frames, which can make the bubbles look faint or muddy.

Based on the suggestions here, a better approach is to use stacking software such as CombineZ, which is commonly used for combining multiple images and may work well for this kind of layered composite. If its alignment/stacking algorithm doesn’t suit your images, a simpler option is a Photoshop star-trail stacking action, which loads all files in a folder as layers and combines them in a way that preserves bright features from each frame.

In general, the best results come when the camera and subject framing stay fixed so the images align cleanly. If needed, align the layers first before stacking.

So: yes, this is doable, and a stacking workflow or star-trail style blend is a better fit than reducing opacity on many layers.