We use a discrete-element method simulation and analytical considerations to study the dynamics of a self-energized object, modeled as a disk, oscillating horizontally within a two-dimensional bed of denser and smaller particles. We find that, for given material parameters, the immersed object (IO) may rise, sink, or not change depth, depending on the oscillation amplitude and frequency, as well as on the initial depth. With time, the IO settles at a specific depth that depends on the oscillation parameters. We construct a phase diagram of this behavior in the oscillation frequency and velocity amplitude variable space. We explain the observed rich behavior by two competing effects: climbing on particles, which fill voids opening under the disk, and sinking due to bed fluidization. We present a cavity model that allows us to derive analytically general results, which agree very well with the observations and explain quantitatively the phase diagram. Our specific analytical results are the following. (i) Derivation of a critical frequency, f_{c}, above which the IO cannot float up against gravity. We show that this frequency depends only on the gravitational acceleration and the IO size. (ii) Derivation of a minimal amplitude, A_{min}, below which the IO cannot rise even if the frequency is below f_{c}. We show that this amplitude also depends only on the gravitational acceleration and the IO size. (iii) Derivation of a critical value, g_{c}, of the IO's acceleration amplitude, below which the IO cannot sink. We show that the value of g_{c} depends on the characteristics of both the IO and the granular bed, as well as on the initial IO's depth.