Nexus 4 does not turn it on and blinking red notification light only
I have the same problem once a week and have a little different solution (workaround):


Unplug the phone from the charger
Press and hold the volume down button plus power button for 15 seconds
Plug it into the wall-charger (while still holding both buttons!)
-> the red light should start to blink. 
After 4-5 blinks release the buttons
Wait some seconds and then press the power button and it should boot


Maybe this workaround will help you.