I capped my account at 50 characters, wanted more so now I have 5 accounts and 126 characters, planning to level at least 5 more for prepatch. Your thread title answers your question “is too many alts bad” yes because you have too many 
What is “too many”? That all depends on what your goals are. If you want to clear the current raid on heroic on every character your “too many” might be lower than someone who uses their characters to farm for Mims Head or Invincible.
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