Let's consider the function $f:\mathbb{R}^2\to\mathbb{R}$ with $f(x,y)=x^4+y^4-2(x-y)^2$.
I want to show that it is bounded below.
First, I manipulated $f$ as follows: $$ x^4+y^4-2(x-y)^2=x^4-2x^2+y^4-2y^2+4xy+x^2-x^2+4y^2-4y^2=\\ x^4-3x^2+y^4-6y^2+(x+2y)^2=x^2(x^2-3)+y^2(y^2-6)+(x+2y)^2. $$ If $f$ had no lower bound then there must exist a sequence $(x_k,y_k)_{k\in\mathbb{N}}$ such that $\lim\limits_{k\to\infty}f(x_k,y_k)=-\infty$. The limit of $(x_k,y_k)_{k\in\mathbb{N}}$ must attain one of the following four values:
$\lim\limits_{k\to\infty}(x_k,y_k)=(-\infty,+\infty)$,$\lim\limits_{k\to\infty}(x_k,y_k)=(+\infty,-\infty)$,$\lim\limits_{k\to\infty}(x_k,y_k)=(c,-\infty)$,$\lim\limits_{k\to\infty}(x_k,y_k)=(-\infty,c)$,
where $c\in\mathbb{R}$. In fact, if $(x_k,y_k)_{k\in\mathbb{N}}$ had a finite limit, e.g. $\lim\limits_{k\to\infty}(x_k,y_k)=(c,d)$ where $c,d\in\mathbb{R}$ then by continuity $\lim\limits_{k\to\infty}f(x_k,y_k)$ would be finite which we had ruled out.
However, we see that in each of the four cases $\lim\limits_{k\to\infty}f(x_k,y_k)=\infty$. So $\lim\limits_{k\to\infty}f(x_k,y_k)=-\infty$ is impossible which shows that $f$ is bounded below.
Is this correct? Do you have a quicker or more elegant approach? This seems very complicated.
You are right that if $f$ is not bounded below then $f(x_k, y_k) \to -\infty$ for some sequence $(x_k, y_k)$, and that sequence can not have a finite limit point. However, that does not imply that one of the four cases
must occur. You can only conclude that $\Vert (x_k, y_k) \Vert = \sqrt{x_k^2 + y_k^2} \to \infty$ (which implies $|x_k| \to \infty$ or $|y_k| \to \infty$, or both).
But your representation of $f$ as $$ f(x, y) = x^2(x^2-3)+y^2(y^2-6)+(x+2y)^2 $$ can be used as a starting point for a proof, you only have to show that all three terms on the right-hand side are bounded below. The last term is non-negative, and the first two terms are monic polynomials in a single variable of even degree, and therefore bounded below.
Side note: a more symmetric representation is $$ f(x, y) = x^2(x^2-4)+y^2(y^2-4)+2(x+y)^2 \\ = (x^2-2)^2 + (y^2-2)^2 +2(x+y)^2 -8 $$ which leads to the sharp lower bound $f(x, y) \ge -8$. Equality holds if $x^2=y^2=2$ and $x=-y$.