You can use the Tween library to fade out the opacity of the image:
https://developer.playcanvas.com/en/tutorials/tweening/
// Entity: Pass the image entity
// From: Opacity value to be changed from i.e 1
// To: Opacity value to be changed to i.e 0
// Time: Total time to complete the fade
// onComplete(optional): Function to trigger after fade out/in is complete
TweenManager.prototype.tweenOpacity = function(entity, from, to, time, onComplete) {
var opacity = {value: from};
entity
.tween(opacity)
.to({value: to}, time, pc.SineOut)
.on('update', function() { entity.element.opacity = opacity.value; }.bind(this))
.on('complete', function() { if(onComplete) onComplete(); }.bind(this))
.start();
};
If you don’t like it this way, you can use dt in the update to control the opacity too.