Deep sleep state is left when an interrupt is generated. You may use BLE as an interrupt source.
Using the WDT as a deep sleep timer, you can also have the unit sleep during the 5 seconds that the LED is on, and then wakeup with the WDT interrupt to turn off the LED and go back to sleep (saves power)
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A BLESS interrupt generates at every advertising and Connection interval which wakes up the system from DeepSleep as well. For 5 Second ,you may use a timer.
Please refer the below Application Note on Low Power Design ...http://www.cypress.com/file/140991/download