  In this paper we study possible observational consequences of the bouncing
cosmology. We consider a model where a phase of inflation is preceded by a
cosmic bounce. While we consider in this paper only that the bounce is due to
loop quantum gravity, most of the results presented here can be applied for
different bouncing cosmologies. We concentrate on the scenario where the scalar
field, as the result of contraction of the universe, is driven from the bottom
of the potential well. The field is amplified, and finally the phase of the
standard slow-roll inflation is realized. Such an evolution modifies the
standard inflationary spectrum of perturbations by the additional oscillations
and damping on the large scales. We extract the parameters of the model from
the observations of the cosmic microwave background radiation. In particular,
the value of inflaton mass is equal to $m=(2.6 \pm 0.6) \cdot 10^{13}$ GeV. In
our considerations we base on the seven years of observations made by the WMAP
satellite. We propose the new observational consistency check for the phase of
slow-roll inflation. We investigate the conditions which have to be fulfilled
to make the observations of the Big Bounce effects possible. We translate them
to the requirements on the parameters of the model and then put the
observational constraints on the model. Based on assumption usually made in
loop quantum cosmology, the Barbero-Immirzi parameter was shown to be
constrained by $\gamma<1100$ from the cosmological observations. We have
compared the Big Bounce model with the standard Big Bang scenario and showed
that the present observational data is not informative enough to distinguish
these models.
