Depending of your need:
Plot[Exp[-x^2], {x, -5, 5}, Epilog -> {Dynamic@AbsolutePointSize[15 Clock[] + 1], Orange, Point[{0, 1}]}]
or
DynamicModule[{t = 1},
Column@{
Plot[Exp[-x^2], {x, -5, 5},
Epilog -> {Dynamic@AbsolutePointSize[t], Orange, Point[{0, 1}]}],
Button["blink", RunScheduledTask[t++, {.01, 20}]]
}
]
