Is it technically possible to create and use dynamic private key - public key pair and use it with bitcoin?
No, it is not possible to do what you are suggesting.  Here's more info about cryptography.



You can create create an ECDSA keypair with almost any random data (it must a lower than a certain value, but go check ECDSA specs) and then generate an address... But a keypair will always be valid to receive bitcoins or send them (if you still have the private key).

The thing is that a other party will not be able to know what is your next address since you need the private key to do that.

So yeah you can create keypairs with almost any data, but I don't think it'll be dynamic in the way you think.