BTC is down less than 5% from its peak. A bunch of altcoins have already dropped 20-30%, with some returning directly to the beginning of the year. If BTC were to pull back 15%-20% at this time, how many altcoins would be cut in half, dropping over 50%?

So, is playing with altcoins high leverage at 2x? The answer is definitely yes. Since you expect it to rise 3-4 times in a short period, you also cannot be certain it will drop 70%-80% in a short period.

Moreover, the market is no longer in a phase where BTC's rise brings everything else up.