The phrase 'dead cat bounce' is a metaphor.
Imagine a dead cat that is thrown from the top of the house. The cat hits the pavement and briefly it bounces only to eventually settle in a lifeless mass. BUT if you are observing the cat as it bounces you might believe that it is still alive, still formidable and still capable of performing like a cat.
When you react to the dead cat as if it is alive while it is 'bouncing', your conclusions, fears, etc are all going to be wrong because you are giving kinetic potential to something that only appears to be what it once was.
It is up for debate but my interpretation of Q using 'dead cat bounce' was in relation to the MSM (potentially include Twatter, Farcebook and the like in this category). They (the MSM) seem to still have teeth but they are just a dead cat being observed during the bounce. They are no more useful to their original purpose than a lifeless bag of bones.