A phenomenological discrete bubble model is proposed to help in the design and dynamic diagnosis of bubbling fluidized beds. An activation region mechanism is presented for bubble formation, making it possible to model large beds in a timely manner. The bubbles are modeled as spherical-cap discrete elements that rise through the emulsion phase that is considered as a continuum. The model accounts for the simultaneous interaction of neighboring bubbles by including the trailing effects due to the wake acceleration force. The coalescence process is not irreversible and therefore, the coalescing bubble pair is free to interact with other rising bubbles originating the splitting phenomena. To validate the model, the simulated dynamics are compared with both experimental and literature data. Time, frequency, and state space analysis are complementarily used with a multiresolution approach based on the empirical method of decomposition to explore the different dynamic scales appearing in both the simulated time series and those obtained from experimental runs. It is concluded that the bubble dynamics interactions play the main role as the driver of the resulting bed dynamics, matching the main features of measured bubble dynamics. Exploding bubble phenomena have been identified by establishing a direct relation between the bubble generation, interaction and eruption, and the measured signals.